Boston, MA 09/26/2013 (wallstreetpr) – Owens Corning (NYSE:OC)’s new warehouse is currently under construction and is slated to open at the start of 2014. This multi-million dollar facility will be an addition to the Wagener Road Aiken plant. As per a recent press release, ElmTree closed the acquisition of the new distribution-center. Owens Corning (NYSE:OC) is a global-producer of glass-fiber, building materials, engineered products and reinforcements for various composite systems. It will lease this facility from this private-equity firm for a period of 15 years.
An ElmTree senior acquisition-analyst said that the commercial sale-leasebacks are pretty common financing-practice in many companies since there are numerous tax advantages. This new structure will be almost 175,000 sq ft. It will also be connected to the Aiken facility that already exists on land that lies adjacent to the property. It will be a replacement for the off-site warehouse that is 30 minutes away from the plant. The main objective of setting up this warehouse is to reduce complexity, cost and waste that are generated when products are moved from one location to the other.
Wednesday’s trading
In Wednesday’s trading session, Owens Corning (NYSE:OC) stock dropped by 1.79%. The shares opened at a price of $39.17, climbed to an intraday high of $39.38 and headed to a close of $38.50. Approximately 2.73 million shares were traded on Wednesday and an average volume of 1.29 million shares were traded over a period of 30 days. The 52-week low of the shares was $29.48 and the 52-week high was $45.55. The company has a market capitalization of $4.58 billion.
The company
Owens Corning (NYSE:OC) is involved in composite and building-materials systems. It delivers a variety of services and products. Its products range from glass-fiber that is used in the reinforcement of composite-materials for electronics, transportation, marine, wind-energy , infrastructure and other markets to roofing and insulation for commercial, residential and industrial applications.
