OC · Owens Corning

Owens Corning disclosed a material amendment to the definitive agreement for the sale of its global glass reinforcements business (GR Business) to the Praana Group affiliates. Driven by changing market conditions, the parties agreed to reduce the enterprise value from the original $755 million to $645 million. Consequently, the Company will recognize an additional loss on sale of approximately $140 million, attributed to the decrease in the agreed purchase price and changes in other net assets. This loss is subject to finalized cumulative foreign currency adjustments, net working capital adjustments, and costs to sell. The amendment also structurally modified the transaction terms: the Purchasers eliminated promissory notes from the deal consideration but will transfer approximately $65 million of additional assets at close. Owens Corning received a $30 million non-refundable deposit in connection with the amendment execution. The Company expects after-tax net proceeds of approximately $280 million, which it intends to utilize for organic growth investments and returning cash to shareholders. The transaction is anticipated to close in the second quarter of 2026.