Owens Corning and Glass Holdings Corp, the US subsidiary of Groupe Porcher Industries of France, have completed the establishment of a joint venture which will own and operate the glass fibre yearns and speciality materials business previously belonging to Owens Corning. The new enterprise, Advanced Glassfiber Yarns LLC, will serve the industrial, construction and electronics markets. The business, which will operate independently of both Owens Corning and Groupe Porcher, has annual sales of around $300m and employs 1500 people globally. Glass Holdings owns 51% of the new enterprise and Owens Corning 49%. With headquarters in Aiken, South Carolina, the joint venture has three manufacturing facilities: Aiken (yarns for industry); Huntingdon, PA (fine yarns for special applications); and South Hill, Virginia (glass fibre yarn for electrical markets).
