Alcoa Home Exteriors, Inc. to Acquire Owens Corning's Atlanta Vinyl Production Facility.Business Editors PITTSBURGH--(BUSINESS WIRE)--Jan. 21, 2003 Alcoa Home Exteriors, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Alcoa, Inc., today announced it has reached an agreement to acquire Owens Corning's vinyl production facility in Atlanta, Georgia. The acquisition will help Alcoa Home Exteriors continue its growth as the leading partner in the home exteriors marketplace. Terms of the deal, which is expected to be completed by April 2003, were not disclosed. "The addition of this facility along with the increased capacity it will bring to our overall production system will help support our future organic growth initiatives," said Gary Acinapura, president of Alcoa Home Exteriors, Inc. "Following on the heels of the acquisition of Richwood Building Products in November, the move will allow us to take service levels to new heights as we continue to provide our customers with the products they want, when they want them and in the quantities they need." The Atlanta facility, which currently employs approximately 120 people, was scheduled for closure by 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. . Alcoa Home Exteriors intends to employ most of the current workforce as it is integrated into its vinyl siding Wikipedia is not the place for advertisement or self-advertising. Vinyl siding, first introduced to the exterior cladding market in the late 1950s, is an alternative to aluminum siding, fiber cement siding, and timber siding. production operations. Because Owens Corning has filed for Chapter 11 bankruptcy protection, the transaction will be subject to approval by the presiding bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . Headquartered in Pittsburgh, PA, Alcoa Home Exteriors, Inc., a wholly owned subsidiary of Alcoa, is a leading U.S. manufacturer of vinyl and aluminum products for the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and new construction markets, featuring both the Mastic(R) premium brand siding and the Alcoa Classic Living Siding. Alcoa Home Exteriors offers 41 years of experience in manufacturing and marketing a broad selection of exterior building products, including vinyl siding, soffit, shutters, decorative accessories and aluminum gutters, soffit, fascia fascia (făsh`ēə), fibrous tissue network located between the skin and the underlying structure of muscle and bone. Fascia is composed of two layers, a superficial layer and a deep layer. and trim. Alcoa Home Exteriors operates manufacturing and warehousing facilities in Ohio, Virginia, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Kentucky and Texas. For more information, visit www.alcoahomes.com, or call (800) 962-6973. |
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