Owens Corning Announces $79.5 Million Acquisition, Shares Move Higher

Shares of Owens Corning OC were trading higher by more than 2 percent after Thursday's opening bell.

Owens Corning announced earlier in the morning that it has acquired the glass non-wovens and fabrics business of Ahlstrom, a Finland-based fiber materials company for €73 million, or $79.5 million.

"The planned acquisition of Ahlstrom's glass non-wovens and fabrics businesses is a winning combination for our customers, our markets, and our employees," said Arnaud Genis, group president of Owens Corning's Composite Solutions Business. "This is a highly complementary acquisition that will provide new revenue, technology, talent, and access to markets.

Owens Corning noted that the acquisition will better position itself as a global leader in the specialty fabrics segments and expand its supply base across the world. The company also added that the acquisition reflects its "ongoing commitment to growing its downstream composites businesses."