Owens Corning Agrees To Acquire WearDeck For Undisclosed Sum

• Owens Corning (NYSE:OC) has agreed with JR Plastics Corporation to acquire WearDeck, a composite decking, and structural lumber manufacturer. Deal terms were not disclosed.
• The acquisition supports OC’s strategy to strengthen its position in building and construction products.
• WearDeck products offer a durable solution for weather-resistant decking. WearDeck employs about 100 people and expects to deliver sales of about $60 million in FY22.
• Owens Corning estimates the North American decking market to be more than $7 billion and grow at about 5% per year. Composite decking products capture over 30% of a market expected to increase in the coming years.
• Owens Corning held cash and equivalents of $966 million as of December 31, 2021.
• The transaction is anticipated to close by the end of Q2.
• Price Action: OC shares are trading lower by 1.06% at $84.54 on the last check Monday.