Owens Corning (NYSE: OC) announced it has entered into an amended agreement to sell its glass reinforcements business to Praana Group, reducing the total enterprise value from $755 million to $645 million.

The revised deal eliminates seller notes and increases upfront cash proceeds while adjusting the transaction value to reflect changing market conditions. The company stated the adjustment maintains a consistent valuation multiple despite the lower total price.

The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals. Owens Corning plans to use proceeds from the sale to fund organic growth initiatives and cash returns to shareholders.

The divestiture represents part of Owens Corning's strategy to focus on its building products operations in North America and Europe while exiting capital-intensive businesses. The Toledo, Ohio-based company reported 2025 sales of $10.1 billion.

The amended agreement streamlines Owens Corning's separation from the glass reinforcements business by providing more immediate cash realization compared to the original deal structure that included seller financing components.