VALLEY FORGE, Pa., Jan. 5 /CNW/ -- CertainTeed Insulation today announced
the completion of its acquisition of the OFI Income Fund on January 2, 2009.
Under the agreement, CertainTeed Insulation acquires all of the assets of the
OFI Income Fund and the OFI Operating Trust, including Ottawa Fibre, for
approximately $42 million CDN, and the assumption of its adjusted debt.
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Established in 1980, OFI served as a manufacturer and distributor of a
broad range of fibreglass insulation products used in both residential and
commercial applications. The acquisition includes fibreglass insulation
manufacturing facilities in Ottawa and Tillsonburg, Ontario and Redcliff,
Alberta, as well as a ceiling tile plant in Ottawa.
"CertainTeed has modestly serviced the Canadian building industry with
insulation for many years as our U.S. production capabilities would allow,"
said Peter Dachowski, President and CEO of CertainTeed. "The acquisition of
OFI will provide our Canadian customers with a more consistent, locally
produced source of CertainTeed-branded insulation utilizing OFI's skilled and
Currently, CertainTeed Gypsum enjoys a strong presence in Canada for its
wallboard and finishing products. "We plan to utilize CertainTeed Gypsum's
talented sales force and strong customer relationships to become a full
service gypsum, finishing and insulation products supplier in this market,"
Through its U.S.-based manufacturing facilities, CertainTeed currently
sells a number of high quality insulation products in Canada, which are
approved by the Canadian Construction Materials Centre (CCMC): OPTIMA(R)
Blowing Insulation for wall systems; Fiber Glass Batts and Rolls; InsulSafe(R)
Blowing Insulation for attics; MemBrain(TM) -- The Smart Vapor Retarder; and
UltraTherm(R) C Blowing Insulation. CertainTeed's newest product,
CertaSpray(TM) Foam Insulation, in both open- and closed-cell varieties, is
currently under evaluation by the CCMC.
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Through innovation and creative product design, CertainTeed has helped
shape the building products industry for more than 100 years. Founded in 1904
as General Roofing Manufacturing Company, the firm made its slogan "Quality
Made Certain, Satisfaction Guaranteed," which quickly inspired the name
CertainTeed. Today, CertainTeed(R) is North America's leading brand of
exterior and interior building products, including roofing, siding, windows,
fence, decking, railing, trim, foundations, pipe, insulation, gypsum, ceilings
and access covers.
Headquartered in Valley Forge, Pa., CertainTeed and its affiliates have
more than 7,000 employees and more than 70 manufacturing facilities throughout
the United States and Canada. In 2007 the group had total sales of more than
$3 billion. http://www.certainteed.com .
For more information contact:
Michael B. Loughery, CertainTeed
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For further information: Michael B. Loughery, CertainTeed,
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