TOLEDO, Ohio–(BUSINESS WIRE)–Following its decision earlier this year to exit the Russian market, Owens Corning (NYSE: OC) today announced that it has completed the sale of its operations in the country to Umatex, a Russia-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 September 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,” said Chair and Chief Executive Officer Brian Chambers. “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.
About Owens Corning
Owens Corning is a global building and construction materials leader committed to building a sustainable future through material innovation. Our three integrated businesses – Composites, Insulation, and Roofing – provide durable, sustainable, energy-efficient solutions that leverage our unique material science, manufacturing, and market knowledge to help our customers win and grow. We are global in scope, human in scale with approximately 19,000 employees in 31 countries dedicated to generating value for our customers and shareholders and making a difference in the communities where we work and live. Founded in 1938 and based in Toledo, Ohio, USA, Owens Corning posted 2021 sales of $8.5 billion. For more information, visit www.owenscorning.com.
