Insulation manufacturer Owens Corning has announced that it has signed an agreement to acquire InterWrap, a leading manufacturer of roofing underlayment and packaging materials, for $450 million. The transaction, which is subject to regulatory clearance, is anticipated to close in the first half of 2016.
“The acquisition of InterWrap’s products, brands, and technology will significantly expand Owens Corning’s position in the Roofing Components segment,” said Brian Chambers, president of Owens Corning’s Roofing and Asphalt Business, in a company news release. “We have an excellent track record of growing our Roofing Components business. This transaction strengthens our capabilities to continue driving the conversion from organic to synthetic underlayments and accelerate our growth.
“InterWrap is a pioneer in the synthetic underlayment and packaging industries,” Chambers added. “Owens Corning has a proud history of innovating in building materials, and the addition of the InterWrap team will enhance our ability to expand into new applications and markets to create value for our customers.”
InterWrap operates facilities in the United States, Canada, India and China. They primarily produce synthetic roofing underlayment, including the Titanium and RhinoRoof brands, and lumber and metal packaging products, including the Duramet and WeatherPro brands. InterWrap reported 2015 sales of US$250 million.