Owens Corning to Take over Asahi Fiber Glass' Continuous Glass Fiber Business in 2006.Tokyo Tokyo (tō`kēō), city (1990 pop. 8,163,573), capital of Japan and of Tokyo prefecture, E central Honshu, at the head of Tokyo Bay. , Japan, Dec 9, 2005 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) ) - Asahi Fiber Glass, 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 Asahi Glass, announced on December 8 that it has reached a basic agreement with 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. of Ohio on a future business acquisition. Under the agreement, Owens Corning will buy Asahi Fiber Glass' continuous glass fiber operation including its Ibaraki plant by the first half of Q2 2006. The Ibaraki plant, which was built in 1970 and introduced a direct melt process provided by Owens Corning, has been exclusively manufacturing continuous glass fiber products. The companies will not disclose financial terms of the agreement. With this move, Owens Corning aims to boost its operations in Japan as well as in the Asia-Pacific region. Copyright [c] 2005 Japan Corporate News Network. All rights reserved. |
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