Owens Corning (OC) has acquired InterWrap, a British Columbia based manufacturer of roofing underlayment and packaging materials, for $450m.
InterWrap, through its facilities in the US, Canada, India and China, produces synthetic roofing underlayment, including the Titanium and RhinoRoof brands. It also provides lumber and metal packaging products including the Duramet and WeatherPro brands.
The company is also engaged in manufacturing of industrial fabrics for water management, oil and gas mining, agricultural applications under the RhinoMat and RhinoSkin brands.
The agreement to acquire InterWrap was signed in February 2016.
InterWrap CEO Eduardo Lozano said: "InterWrap and Owens Corning are organizations known for leading innovation and creating value in the markets they serve."
Owens Corning said earlier that the acquisition will strengthen its capabilities to support the conversion from organic to synthetic underlayments while accelerating growth in the roofing components market.
In 2013, private equity firm Quad-C made its initial investment in InterWrap and partnered with the latter's founders and management to implement its growth strategy.
Quad-C senior partner Steve Burns said: "We formed a great partnership with the founders of InterWrap, Rob Milne and Dave Shokar, and collaborated with management to execute on a strong collective vision for the business."
Ohio based Owens Corning is engaged in developing, manufacturing and marketing insulation, roofing, and fiberglass composites.
