Owens Corning announced last Friday that it signed a definitive agreement to sell its glass reinforcements business to Praana Group, a residential and commercial building products leader based in Mumbai, India.

The sale, valued at $755 million, is part of OC’s strategic plan to reshape the company to focus on residential and commercial building products in North America and Europe, the company said in a Feb. 14 news release.

Within the Composites segment, OC’s glass reinforcements business produces and sells glass fiber reinforcements for various applications in wind energy, infrastructure, industrial, transportation, and consumer markets. 

The business generated revenue of approximately $1.1 billion in 2024 and has approximately 4,000 employees across a global footprint that includes 18 operations in 12 countries.

“After a comprehensive review of strategic alternatives, the Owens Corning Board concluded that a sale of the business to the Praana Group supports the company’s strategic plan and results in the greatest overall value to its shareholders,” Brian Chambers, OC’s chair and CEO, said in a statement. 

“I want to thank the glass reinforcements team for their continued focus on operating safely, delivering high-quality products, and helping customers win and grow in the market,” Chambers added.

The sale will complete the company’s review of strategic alternatives for the business, announced in early 2024. The transaction is expected to close in 2025 and is subject to customary regulatory approvals and other conditions.

Vishal Goenka, vice chairman of Praana Group, and Anuj Goenka, executive board member of Praana Group, said, “The glass fiber reinforcement business is highly competitive and is poised for growth in the medium to long run, especially on account of the global push towards adoption of clean energy, reduction of carbon footprint, and material substitution.”

Owens Corning said it would retain the other businesses within its Composites segment. These include the company’s vertically integrated glass nonwovens business, which supports its roofing segment and customers for other building products, and its structural lumber business. 

Moving forward, these businesses will operate within Owens Corning’s Roofing segment. 

Owens Corning’s two glass melting plants in the U.S., which provide glass fibers for nonwoven products, will operate and be integrated within its Insulation segment.

For more information, visit owenscorning.com.