Owens Corning (NYSE:OC) announced it has purchased a China-based equipment manufacturer. The Chinese company, Tanaka Kikinzoku (Suzhou), is a unit of Tanaka Kikinzoku International. It makes numerous goods used in the manufacture of glass products, such as the fibers that are Owens Corning's stock in trade.
The Asian company has been in operation since 2006, and will be folded into Owens Corning's GlassMetal Services. Like TKS, this unit produces glass-making equipment.
Owens Corning quoted the president of its composite solutions business unit as saying that "the acquisition of TKS gives Owens Corning the ability to better serve China which is the largest and fastest growing glass fiber country in the world."
The terms of the deal were not disclosed.