AGY Completes Acquisition of Owens Corning's North American CFM Business.AIKEN, S.C. -- AGY AGY Agency , a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements for composites, announced today that it has completed its previously announced acquisition of Owens Corning's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. continuous filament filament, in astronomy: see chromosphere. mat (CFM) business. Under the agreement, AGY will acquire Owens Corning's Huntingdon, Pennsylvania Huntingdon is a borough in Huntingdon County, Pennsylvania. It is the county seat of Huntingdon County. It is located along the Juniata River, 98 miles (158 km) west of Harrisburg, in an agricultural and fruit-growing region, with valuable forests and deposits of iron, coal, fire CFM facility and its Marbles Furnace located in Anderson, South Carolina Anderson is a city located in Anderson County, South Carolina. As of the United States 2000 Census, the city had a population of 25,514 and is the center of an urbanized area of 70,530. , which supplies the Huntingdon facility with glass fiber marbles used in the production of CFM. CFM is a unique glass fiber reinforcement product used as an input in the production of non-electrical laminate laminate, n a thin slice of porcelain or plastic fabricated in a dental lab, which is cemented to the front of the teeth to cover gaps, whiten stained teeth, or reshape chipped or broken teeth. , marine parts and accessories, and other products where its strength and durability make it the most cost-effective material to use. CFM increases the mechanical performance, such as stiffness and strength, of products, as well as their resistance to chemicals. The acquisition of Owens Corning's CFM business will deliver considerable top line synergies for AGY driven by the worldwide growth in the demand for CFM reinforcement products. It represents a significant step in AGY's strategy to accelerate the growth of its specialty composites business. "The completion of this acquisition marks another important milestone in our drive to expand and enhance our product portfolio," said AGY President and Chief Executive Officer Doug Mattscheck. "We are squarely focused on quickly seizing the attractive opportunities this transaction has created in terms of global market potential and significant cost synergies Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. Notes: The savings in operating costs usually come in the form of laying off employees. . It will make us a stronger company with increased opportunities for growth and better technologies to offer our global customers." Under the terms of the sale, AGY owns exclusive rights to the CFM products solely manufactured at the Huntingdon facility. All products produced at the facility are now AGY products. "We want to assure our North American and Asia-Pacific customers that AGY has the capacity and ability to continue to make CFM," said Drew Walker, AGY Vice President of Sales and Marketing. "The Huntingdon facility is set up for manufacturing and dedicated customer support for the complete range of CFM materials. We look forward to maintaining and enhancing the services and support provided to Owens Corning's existing customers." For more information about AGY, please call 888-434-0945, or visit our website at www.agy.com. About AGY AGY is a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a variety of composites applications. The company serves a diverse range of markets including aerospace and defense, electronics, construction and industrial. Headquartered in Aiken, South Carolina Aiken is a city in Aiken County, South Carolina and is part of the CSRA. The population was 25,337 at the 2000 census. It is the county seat of Aiken CountyGR6, and is the site of the University of South Carolina at Aiken. USA, AGY has a European office in Lyon, France and manufacturing facilities in the U.S. in Aiken, South Carolina and Huntingdon, Pennsylvania. Additional information may be found at the company's website, www.agy.com, or by email at info@agy.com. About 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. Owens Corning is a world leader in building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . systems and composite solutions. A Fortune 500 company for 53 consecutive years, Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing and masonry products, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Founded in 1938, Owens Corning is a market-leading innovator of glass fiber technology with sales of $6.5 billion in 2006 and operations in 26 countries. Additional information is available at www.owenscorning.com. |
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