Owens Corning Sells Glass Reinforcements to Praana Group
Owens Corning , a leader in residential and commercial building products, has announced a definitive agreement to sell its glass reinforcements business to Praana Group, an India-based holding company with a diverse industrial portfolio. The deal, valued at $755 million, is part of Owens Corning’s strategic shift toward focusing on its core building products business in North America and Europe.
The glass reinforcements business, a segment of Owens Corning’s Composites division, manufactures and distributes glass fiber reinforcements for various applications, including wind energy, infrastructure, industrial, transportation, and consumer markets. In 2024, the business generated approximately $1.1 billion in revenue and employed around 4,000 people across 18 operations in 12 countries.
Strategic Realignment for Owens Corning
Owens Corning’s decision to sell its glass reinforcements business follows a comprehensive review of strategic alternatives. The company’s leadership believes this divestiture aligns with its long-term vision of strengthening its position as a building products leader.
Brian Chambers, Chair and CEO of Owens Corning, emphasized the importance of this transaction in streamlining the company’s operations. “After a thorough review of strategic alternatives, we concluded that selling this business to Praana Group provides the best outcome for our shareholders and supports our long-term strategy. I want to thank the glass reinforcements team for their dedication to safety, quality, and innovation. Their contributions have been instrumental in serving our customers and driving growth in the market,” he said.
Chambers further highlighted that the sale would allow Owens Corning to focus on its core strengths. “This move enhances our position as a focused, capital-efficient leader in building products across North America and Europe. Coupled with our ongoing strategic initiatives and investments, we are confident this transition will drive profitable growth, strong cash generation, and increased shareholder value.”
Praana Group’s Expansion Strategy
For Praana Group, the acquisition represents a significant step toward expanding its footprint in the glass fiber reinforcements market. The company sees immense potential in the sector, particularly with the global shift toward clean energy and sustainable materials.
Vishal Goenka, Vice Chairman of Praana Group, and Anuj Goenka, Executive Board Member, expressed their enthusiasm for the acquisition. “The glass fiber reinforcements industry is highly competitive but poised for long-term growth. The increasing emphasis on clean energy adoption, carbon footprint reduction, and material substitution creates strong demand for innovative solutions. This acquisition strengthens our presence in glass reinforcements, extends our geographic reach, and enhances our ability to deliver solutions that align with global sustainability goals.”
The acquisition also positions Praana Group as a stronger player in composite materials for industrial applications. “This transaction will improve our competitiveness and operational efficiency in the glass fiber reinforcements sector. We are committed to leveraging this opportunity to drive innovation and deliver high-quality solutions to customers worldwide,” added Goenka.
Vishal Shah, Executive Director and Global Head of M&A at Praana Group, noted the company’s expertise in integrating acquisitions. “Praana has a strong history of acquiring carve-outs and transforming them into successful independent businesses. We are confident in our ability to scale this acquisition and integrate it into our long-term growth strategy.”
Closing Timeline and Future Operations
The sale is expected to be finalized in 2025, pending regulatory approvals and customary closing conditions. Owens Corning will retain key components of its Composites segment, including its vertically integrated glass nonwovens business, which supports its Roofing segment and other building products customers. The company’s structural lumber business will also remain part of its portfolio.
Additionally, Owens Corning’s two U.S.-based glass melting plants, which supply glass fibers for nonwoven products, will be integrated into its Insulation segment. These moves align with the company’s broader strategy of reinforcing its building materials leadership.
