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[August 2000]
Saint-Gobain to sell its Ceramics Fibers business
The Ceramics & Plastics Branch of Saint-Gobain announced the signing of a definitive agreement under which its ceramics fibers business - Carborundum Insulation Technology - will be sold to Unifrax Corp., the leading North American manufacturer of ceramic fiber products. The sale is expected to be closed by the end of the third quarter 2000.
The divestment of Carborundum Insulation Technology, which represents $ 80 M in sales, is motivated by Saint-Gobain's current strategy of focusing on core businesses and leadership positions.
Unifrax, whose only business is ceramic fibers, and who shares the same technology and markets knowledge as Carborundum Insulation Technology, within two separate geographical areas, was viewed as the best candidate to grow this business further on a worldwide basis.
Both companies have historical links which, combined with the same approach of the business, should facilitate a transition in the best interest of their employees.
ENDS