Global law firm Greenberg Traurig, LLP is representing Praana Group, an India-based holding company with a diverse portfolio in the industrial sector, in its definitive agreement to acquire Owens Corning’s (NYSE: OC) glass reinforcements business for an enterprise value of $755 million according to press releases from Greenberg Traurig and Owens Corning.
The transaction is expected to close in 2025, pending regulatory approvals and customary closing conditions. This strategic acquisition could significantly enhance Praana Group’s advanced materials and composites division, reinforcing its global presence in key industries such as wind energy, infrastructure, transportation, and consumer markets.
Strengthening Praana Group’s Composites Portfolio
Owens Corning’s glass reinforcements business manufactures, fabricates, and sells high-performance glass fiber reinforcements used in a variety of applications. The business generated approximately $1.1 billion in revenue in 2024 and operates across 18 facilities in 12 countries with approximately 4,000 employees.
“This acquisition strengthens Praana Group’s global footprint in glass fiber reinforcements, expands our geographic reach, and enhances our ability to deliver innovative composite solutions,” said Vishal Goenka, Vice Chairman of Praana Group, and Anuj Goenka, Executive Board Member of Praana Group. “As industries worldwide push for cleaner energy, reduced carbon footprints, and material advancements, this move aligns with our long-term strategy for sustainable growth.”
Owens Corning’s Strategic Shift Towards Building Products
The sale of the glass reinforcements business aligns with Owens Corning’s strategic plan to concentrate on residential and commercial building products in North America and Europe.
“After a comprehensive review of strategic alternatives, we determined that divesting the glass reinforcements business to Praana Group provides the greatest overall value for our shareholders,” said Brian Chambers, Chair and CEO of Owens Corning. “This transaction strengthens our focus as a more capital-efficient building products leader.”
Owens Corning will retain other businesses within its Composites segment, including its vertically integrated glass nonwovens business supporting roofing and insulation products. The company’s U.S.-based glass melting plants will continue to operate under its Insulation segment.
Praana Group’s Expansion in Advanced Materials and Specialty Chemicals
Founded in 1956, Praana Group operates a global portfolio of manufacturing facilities in specialty chemicals (Sterling Specialty Chemicals, Galata Chemicals, Artek Surfin Chemicals) and glass fiber composites (3B Fibreglass). The company provides solutions for industries such as construction, textiles, automotive, home and personal care, energy, and industrial markets.
Vishal Shah, Executive Director and Global Head of M&A for Praana Group, added, “Praana Group has a proven track record of acquiring and transforming businesses. The integration of Owens Corning’s glass reinforcements division represents a tremendous opportunity to drive innovation and efficiency in the composites market.”
A Milestone for the Advanced Composites Industry
The acquisition underscores the growing demand for high-performance composite materials in sustainable industries, including wind energy and infrastructure. By leveraging Owens Corning’s expertise and Praana Group’s global manufacturing capabilities, the combined entity is poised to potentially lead innovation in composite materials for industrial applications.
The transaction remains subject to regulatory approvals and other closing conditions.
