Owens Corning takes over Guangde SKD
Courtesy: Owens Corning
Owens Corning has taken over Guangde SKD Rock Wool Manufacture, a mineral wool manufacturer in China. Financial terms of the transaction are not disclosed. SKD produces mineral wool insulation for the building and technical insulation market. Mineral wool is the primary insulation material in China with its lifesaving and fire protection properties.
Julian Francis, president of Owens Corning’s Insulation business, said, “We see great opportunity to provide our customers in China with products in both the mid temperature building and high-temperature industrial-application markets. This acquisition furthers our strategy to expand Owens Corning’s technology portfolio across the three largest insulation markets in the world.”
“We are pleased to further scale our mineral wool manufacturing capabilities in China,” said Paul Wei, vice president and Asia Pacific managing director. “We will continue to invest in and leverage our deep building science and construction expertise to meet our customers’ growing needs in this important market.”
Owens Corning now has seven insulation manufacturing facilities across China, providing customers with a full temperature range of products including fibreglass, extruded polystyrene foam, cellular glass and mineral wool insulation.
SKD’s 2017 sales were about $10 million. (SV)
Fibre2Fashion News Desk – India