CertainTeed Insulation today announced the completion of its acquisition of the OFI Income Fund on January 2, 2009. 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 fibreglass insulation products used in both residential and commercial applications. The acquisition includes fibreglass 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 enjoys 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," continues Dachowski.
Through its U.S.-based manufacturing facilities, CertainTeed currently sells a number of high quality insulation products in Canada, which are approved by the Canadian Construction Materials Centre (CCMC): OPTIMA(R) Blowing Insulation for wall systems; Fiber Glass Batts and Rolls; InsulSafe(R) Blowing Insulation for attics; MemBrain(TM) -- The Smart Vapor Retarder; and UltraTherm(R) C Blowing Insulation. CertainTeed's newest product, CertaSpray(TM) Foam Insulation, in both open- and closed-cell varieties, is currently under evaluation by the CCMC.