Owens Corning is to sell nearly all of its Engineered Pipe Systems business to Saudi Arabian Amiantit Company, a joint stock company headquartered in Dammam,Saudi Arabia, and listed on the Riyadh Stock Exchange. Terms of the sale were not disclosed.
Engineered Pipe Systems manufactures and sells large-diameter glass- reinforced plastic (GRP) pipe for the transport of water and wastewater. Amiantit is globally active in many different pipe technologies and is a manufacturer of GRP pipe and other types of pipe used in different applications. The company has been a business and joint venture partner with Owens Corning since 1977. The sale includes two legal entities in Sandefjord, Norway: Flowtite Technology AS and Flowtite AS.
Flowtite Technology AS is the creator, owner, and licensor of the fibreglass pipe technology, and is responsible for engineering, sales of equipment and spare parts, research and development, and licensee support.
Flowtite AS is the shareholder of pipe manufacturing interests around the world including joint ventures, affiliates and operations in Argentina, France, Germany, Norway, Saudi Arabia, and Spain.
Also included in the sale are the shares held by a subsidiary of EPS in a joint venture in Botswana, and a pipe manufacturer in India.
The units were both subsidiaries of Engineered Pipe Systems, a US-based holding company that is an indirect wholly owned subsidiary of Owens Corning. Excluded from the sale are shares held by Owens Corning in a joint venture in Turkey. The transaction is subject to regulatory approval.