Page 136 - CW E-Magazine (4-3-2025)

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ADVANCED MATERIALS

Praana Group to buy Owens Corning Glass Reinforcements

Business

Owens Corning, a residential and “After a comprehensive review of ciencies in glass fi bre reinforcements
commercial building products leader, strategic alternatives, the Owens Corn- for composites for the industrial
and Praana Group, a Mumbai- ing Board concluded that a sale of the sector,” said Mr. Vishal Goenka,
based holding group that operates a business to the Praana Group supports Vice Chairman of Praana Group, and
diverse portfolio of companies prima- the company’s strategic plan and re- Mr. Anuj Goenka, Executive Board
rily serving the industrial sector, have sults in the greatest overall value to its Member of Praana Group.
announced that they have signed a shareholders,” said Mr. Brian Cham-
defi nitive agreement for the sale of bers, Owens Corning Chair and Chief The sale will complete Owens Corn-
Owens Corning’s glass reinforcements Executive Offi cer. “This transaction ing’s review of strategic alternatives for
business to Praana Group (through its strengthens Owens Corning as a the business announced in early 2024.
subsidiaries) at an enterprise value of focused, more capital-effi cient building The transaction is expected to close in
$755-mn. This sale is a part of Owens products leader in North America and 2025 and is subject to customary regu-
Corning’s strategic plan to reshape the Europe.” latory approvals and other conditions.
company to focus on residential and
commercial building products in North “The glass fi bre reinforcement busi- Owens Corning will retain the other
America and Europe. ness is highly competitive and is poised businesses within its Composites seg-
for growth in the medium to long run, ment. These include the company’s
Owens Corning’s glass reinforce- especially on account of the global vertically integrated glass nonwovens
ments business, part of the company’s push towards adoption of clean energy, business that supports its Roofi ng seg-
Composites segment, manufactures, reduction of carbon footprint, and mate- ment and other building products cus-
fabricates, and sells glass fi bre rein- rial substitution. This strategic acquisi- tomers, along with its structural lum-
forcements for a wide variety of appli- tion will grow our footprint in glass ber business. Going forward, these
cations in wind energy, infrastructure, reinforcements with new geographies, businesses will operate within Owens
industrial, transportation, and con- broaden the scope of our operations, Corning’s Roofi ng segment. Owens
sumer markets. The business generated and enhance our ability to deliver solu- Corning’s two glass melting plants in
revenue of approximately $1.1-bn in tions that contribute to global efforts for the US, which provide glass fi bres to
2024 and has approximately 4,000 a more sustainable and effi cient future. make nonwovens products, will operate
employees across a global footprint that It will also strengthen Praana Group’s and be integrated within its Insulation
includes 18 operations in 12 countries. competitiveness and operational effi - segment.

BIOPOLYMER MANUFACTURING
UP CM lays foundation stone for India’s fi rst PLA plant

Uttar Pradesh (UP) Chief Minster Ms. Avantika Saraogi,
(CM) Yogi Adityanath laid the founda- Executive Director, BCML,
tion stone for India’s fi rst biopolymer explained that manufactur-
manufacturing unit in Kumbhi, ing one kilogram of PLA
Lakhimpur Kheri district. currently requires around
1.6-kg, of sugar, which could
The 80-ktpa polylactic acid (PLA) go down to 1.2-kg with
plant is being set up by Balrampur improvements in technology.
Chini Mills Ltd. (BCML), the largest BCML has collaborated with
sugar company in UP, at a cost of Alpine from Austria and
Rs. 2,880-crore, and is slated to com- Sulzer from Switzerland for
mence operations by December 2026. technology transfer.

136 Chemical Weekly March 4, 2025

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