Owens Corning Sells Brazil Plant

A Chinese unit of US-based building materials maker Owens Corning has sold Brazilian glass fabrics plant Capivari Fibras do Vidrio for $60m in cash to Shanghai-listed fertilizer and chemical manufacturer, Yunnan Yuntianhua. Equities analysts who cover Owens Corning say the deal is not material. “This is not a significant deal and will have no impact on investors,” says one analyst. Jim Barrett, an analyst with NY-based shop CL King and Associates, agrees. “This was an expected divestiture. It was required as part of Owens Corning’s 2007 acquisition of French building products manufacturer St. Gobain,” he says. The company does not say if there were financial advisors on the sale.