Feb 14 (Reuters) - Construction equipment maker Owens Corning OC.N said on Friday it has agreed to sell its glass reinforcements business to India-based Praana Group in a deal valued at $755 million.
The deal helps Owens Corning shift its focus on residential and commercial building products in North America and Europe.
Owens Corning's glass reinforcements business generated revenue of about $1.1 billion in 2024. It makes and sells glass fiber reinforcements for use in wind energy, infrastructure, industrial, transportation and consumer markets.
"This transaction strengthens Owens Corning as a focused, more capital-efficient building products leader in North America and Europe," Owens Corning CEO Brian Chambers said.
The transaction, expected to close this year, completes Owens Corning's strategic review announced in early 2024.
Mumbai-based Praana Group also manufactures chemicals, glass fibers and composite materials, catering to industries ranging from construction and textiles to home and personal care.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Leroy Leo)
((Abhinav.Parmar@thomsonreuters.com;))
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