WASHINGTON (dpa-AFX) - Owens Corning (OC), a building and construction
materials company, announced Friday its agreement to acquire Masonite
International Corp. (DOOR), a provider of interior and exterior doors and door
systems, in around $3.9 billion deal.

Separately, Owens Corning announced the launch of a formal strategic review
process for its glass reinforcements or GR business, which is part of the
company's Composites segment. A range of options are under consideration,
including a potential sale, spinoff, or other strategic option.

In pre-market activity on the NYSE, Masonite shares were gaining around 34
percent to trade at $129.79, while Owens Corning shares were losing around 3
percent to trade at $155.50.

Owens Corning said it will buy Masonite for $133.00 per share in cash,
representing around 38% premium to Masonite's closing share price on February 8,
and about 46% premium to Masonite's 20-day volume-weighted average price.

The transaction is expected to close mid-2024, subject to Masonite shareholder
approval, regulatory approvals, and other customary closing conditions.

Following the deal closure, Masonite will operate as a reportable segment and
will maintain Masonite's brands and a presence in Tampa, Florida.

Masonite designs, manufactures, and markets doors and door systems. The company
operates 64 manufacturing and distribution facilities, primarily in North
America, and has over 10,000 employees globally.

Owens Corning sees the addition of Masonite's doors business as a new growth
platform, strengthening its position in residential building materials and
extending its offering of highly valued products and brands.

With the acquisition, Owens Corning's revenue generated from North American
residential applications will grow to 60% of its total revenue.

The acquisition also increases Owens Corning's total addressable market by $27
billion.

The deal will be financed by cash on hand and committed debt financing of $3
billion provided by Morgan Stanley Senior Funding, Inc.

Regarding the launch of its formal strategic review process for its glass
reinforcements business, Owens Corning said it has decided to review strategic
alternatives, consistent with the company's strategy to focus on building and
construction materials.

The GR business manufactures, fabricates, and sells glass fiber reinforcements
in a variety of product forms, and generates annual revenues of approximately
$1.3 billion.

Owens Corning said its vertically integrated glass nonwovens business that
supports the Roofing segment and other building products customers, along with
the recently acquired WearDeck business, remain core activities of the company
and are out of the scope of this evaluation.



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