Company: OC
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022858
Chunk: 47

Company: Owens Corning
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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iation and Amortization From Continuing Operations section of the MD&A for further information regarding Adjusted EBITDA from continuing operations, including the reconciliation to net earnings from continuing operations attributable to Owens Corning. First quarter of 2025 segment earnings before interest, taxes, depreciation and amortization (“EBITDA”) performance in our Roofing segment compared to the same period of 2024 decreased $6 million, while our Insulation segment increased $2 million. First quarter of 2025 EBITDA for our Doors segment was $68 million. Within our Corporate, Other and Eliminations category, General corporate expense and other increased by $14 million.

Glass Reinforcements Divestiture

On February 13, 2025, the Company entered into a definitive agreement for the sale of our global glass reinforcements (“GR”) business for a purchase price of approximately $436 million, less costs to sell. As of March 31, 2025, the estimated purchase price was $498 million, net of cash, and less costs to sell. The change since signing is due to the changes in customary and transaction-specific price adjustments which are subject to further changes through the date of the final closing adjustments. The GR business, historically part of the Company’s Composites segment, manufactures, fabricates, and sells glass fiber reinforcements for a wide variety of applications in wind energy, infrastructure, industrial, transportation and consumer markets. The sale will complete Owens Corning’s review of strategic alternatives for the business, as previously announced on February 9, 2024, and aligns with our strategy to reshape the Company to focus on building products in North America and Europe. The transaction is expected to close in 2025 and is subject to customary regulatory approvals and other conditions.

The transaction represents a strategic shift that has a major effect on the Company's operations and financial results. Effective January 1, 2025, the GR business’ financial results are reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented. In the first quarter of 2025, net earnings (loss) from discontinued operations attributable to Owens Corning was $348 million on the Consolidated Statements of Earnings, primarily related to the loss recognized upon the classification of the GR business into discontinued operations. The loss on discontinued operations was determined by comparing the carrying value of the discontinued operation to the fair value of the business, as derived from the signed purchase agreement, less estimated costs to sell.

As a result of classifying the GR business as a discontinued operation,