Owens Corning sells Russian assets to Rosatom entity Umatex

MOSCOW. Dec 6 (Interfax) - U.S.-based Owens Corning, a manufacturer of construction materials, has sold its Russian assets to Umatex, an entity of Rosatom state nuclear energy corporation, according to a press release posted Owens Corning's website.

"The transaction includes two manufacturing operations: A composites manufacturing plant in Gus-Khrustalny and an insulation manufacturing plant in Tver/Izoplit. For the nine months ending September 30, 2022, net sales in Russia were approximately $85 million," according to the press release.

"This announcement represents the final step in our process to exit fully our operations in Russia," company chairperson and CEO Brian Chambers said. "I would like to thank our colleagues in Russia for their contributions to our company and customers over the years."

"Financial terms of the sale were not disclosed. In conjunction with the announcement, the company has reaffirmed its guidance of modest growth in net sales and earnings for the enterprise in the fourth quarter compared with the same period in 2021," the company said.

Owens Corning develops and manufactures insulation, roofing and fiberglass composites, as well as related materials and products.

Umatex, formally called JSC NPK Khimpromengineering and a Rosatom entity, is a global leader in manufacturing a wide range of carbon fibers. The company also provides engineering support to partners, and is engaged in R&D activities.