Owens Corning closes on Thermafiber acquisition

Associated Press

TOLEDO, Ohio (AP) -- Owens Corning has completed its buyout of Thermafiber Inc., a maker of mineral wool commercial and industrial insulation products.

Owens Corning purchased Thermafiber from private equity firm Altus Capital Partners Inc. for an undisclosed amount.

Thermafiber insulation contains up to 90 percent recycled content and is non-combustible, inorganic and mold-resistant. It is used in fire blankets and other products.

Owens Corning has an insulation business, composites business and roofing business.

"Mineral wool insulation adds to our product portfolio and helps us to provide access to high-temperature commercial building applications," Joe Ochoa, vice president and general manager of Engineered Insulation Systems at Owens Corning, said in a statement on Monday.

The transaction includes a manufacturing plant in Wabash, Ind. — where Thermafiber is based.

Owens Corning is based in Toledo, Ohio, while Altus is headquartered in Wilton, Conn.

Owens Corning shares finished at $43.70 on Friday.