The Brazilian Administrative Council for Economic Defence approves the first voluntary divestment transaction (Owens Corning, Chongqing Polycomp International)

Brazil’s first voluntary divestment was approved by the Administrative Council for Economic Defence (CADE), involving the sale by the U.S. fibreglass manufacturer Owens Corning of its Brazilian fibreglass reinforcement plant to Chongqing Polycomp International Corporation, a Chinese company. On 26 July 2007, the US fibreglass manufacturer Owens Corning and Compagnie de Saint Gobain, jointly announced that they were signing an agreement whereby the companies would merge their respective reinforcements and composites business, creating a global company for reinforcements and composite products named Owens Corning Vetrotex Reinforcements. The joint venture would have worldwide revenues of USD 1.8 billion, with 10,000 employees and carrying out transactions across Europe, Asia, and North

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Ricardo Inglez de Souza, The Brazilian Administrative Council for Economic Defence approves the first voluntary divestment transaction (Owens Corning, Chongqing Polycomp International), 4 May 2011, e-Competitions Bulletin Prohibited mergers, Art. N° 36664

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