Owens Corning To Acquire Modulo/ParMur Group
Owens Corning announced it has signed a purchase agreement to acquire The Modulo™/ParMur Group, a market-leading producer and distributor of manufactured stone veneer in Europe. The acquisition will further the global expansion of the Owens Corning Cultured Stone® business in the European building products market.
The transaction, valued at approximately $32 million, is expected to close this month.
The Modulo/ParMur Group, based in Bray-sur-Seine, France, designs, manufactures and markets manufactured stone veneer wall and floor products under the Modulo and ParMur brands. Modulo and ParMur are plaster-based interior wall and cement-based exterior wall-cladding products, which are distributed primarily through the DIY market in Europe.
The transaction is subject to the approval of applicable regulatory and judicial authorities.
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Owens Corning offers insulation, roofing, basement finishing, cultured stone and acoustic systems for building and remodeling, composites solutions and asphalt. Please visit www.owenscorning.com for more information.
