Owens Corning completes sale of Russian operations
The decision, made earlier this year, includes a composites and insulation manufacturing plant based in Russia.
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Following its decision earlier this year to exit the Russian market, Owens Corning (Toledo, Ohio, U.S.) has announced that it has completed the sale of its operations in the country to Umatex, a Russian-based producer of carbon fiber and fiber-based items.
The transaction includes two manufacturing operations: a composites manufacturing plant in Gous-Khroustalny and an insulation manufacturing plant in Tver/Izoplit. For the nine months ended Sept. 30, 2022, net sales in Russia were approximately $85 million.
“This announcement represents the final step in our process to fully exit our operations in Russia,” Brian Chambers, chair and CEO, Owens Corning, explains. “I would like to thank our colleagues in Russia for their contributions to our company and customers over the years.”
Financial terms of the sale were not disclosed. In conjunction with the announcement, the company reaffirmed its guidance of modest growth in net sales and earnings for the enterprise in the fourth quarter compared with the same period in 2021.
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