Owens Corning said Monday it has reached an agreement to acquire cellular glass insulation products maker Pittsburgh Corning for $560 million in cash. Owens Corning, which makes insulation, roofing and fiberglass composites, expects the deal to close in the third quarter. The transaction “will further expand Owens Corning’s commercial and industrial product offering and grow our presence in Europe and Asia,” said Julian Francis, president of Owens Corning’s insulation business. Pittsburgh Corning has more than 1,100 employees in 17 countries, and has plants in the U.S., Belgium, Czech Republic and China. Owens Corning shares were not yet active premarket, but have gained 18% in 2017, while the S&P 500 has gained about 7%.
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