CertainTeed Insulation has announced the completion of its acquisition of the OFI Income Fund. 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.
Established in 1980, OFI served as a manufacturer and distributor of a broad range of fiberglass insulation products used in both residential and commercial applications. The acquisition includes fiberglass 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 talented workforce.” Currently, CertainTeed Gypsum has 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,” continued Dachowski.
CertainTeed Acquires Canadian Insulation Manufacturer
January 6, 2009