Owens Corning (NYSE:OC), a leading global producer of glass fiber reinforcements for composite systems and residential and commercial building materials, has announced an agreement with Tanaka Kikinzoku Kogyo K.K and Tanaka Kikinzoku International K. K. (collectively referred as "Tanaka") to purchase Tanaka Kikinzoku (Suzhou) Co., Ltd (TKS). TKS is a producer of glass fiber bushings and other parts which service various glass industries in China and has been operating since 2006. TKS will become a part of Owens Corning GlassMetal Services, a wholly owned business unit which makes glass fiber bushings and related parts for the glass fiber industry.
This purchase only involves Tanaka's TKS business. Both Owens Corning and Tanaka have other bushing business concerns globally. According to Owens Corning Composite Solutions Business President Arnaud Genis, "The acquisition of TKS gives Owens Corning the ability to better serve China which is the largest and fastest growing glass fiber country in the world." Genis continues, "This completes Owens Corning's global footprint of bushing facilities which include additional locations in Singapore, the U.S., Brazil, and Russia and services both internal Owens Corning needs and the needs of other glass fiber producers."