AGY Acquires Owens Corning CFM (Continuous Filament Mat) Huntingdon PA Business.AIKEN, S.C. -- AGY AGY Agency President and Chief Executive Officer Doug Mattscheck announced today that AGY has entered into a definitive agreement to acquire Owens Corning Owens Corning Corporation is the world's largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity November 1, 1938. CFM (Cubic Feet per Minute) The measurement of air flow. Cooling fans are rated in CFM. manufacturing assets in Huntingdon, PA and marble production assets in Anderson, S.C. The CFM addition further accelerates AGY's strategy as a World Leader in specialty composite materials composite material or composite, any material made from at least two discrete substances, such as concrete. Many materials are produced as composites, such as the fiberglass-reinforced plastics used for automobile bodies and boat hulls, but the offering new market potential, manufacturing synergies and an extended composites customer base. The transaction, which has been approved by the Board of Directors of AGY, is expected to close in late 2007 and is subject to customary closing conditions and regulatory and antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. approvals. AGY is a leading global producer of fiberglass yarns and high strength fiberglass reinforcements used in a wide variety of composites applications. The company serves a diverse range of markets including aerospace and defense, electronics, construction and industrial. Headquartered in Aiken, S.C. (USA), AGY has a European office in Lyon, France, and manufacturing facilities in Aiken, S.C., and Huntingdon, PA. Additional information may be found at the company's website, www.agy.com, or by email at info@agy.com. |
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