OMAHA, Neb. (AP) — Berkshire Hathaway's building products company is acquiring an industrial insulation company it helped create 10 years ago.
Johns Manville said Tuesday that it agreed to expand its minority stake in the Industrial Insulation Group and buy the rest of the company from The Calsilite Group. Terms of the deal were not disclosed.
Johns Manville CEO Todd Raba says this deal will expand the company's offering of insulation and fireproofing products.
No immediate changes are planned at IIGs plants in Brunswick, Ga.; Grambling, La.; Fruita, Colo.; Phenix City, Ala.; and Houston, Texas.
Denver-based Johns Manville generates about $2.5 billion in annual sales for Warren Buffett's Omaha-based Berkshire.
Berkshire Hathaway Inc.: www.berkshirehathaway.com
Johns Manville: www.jm.com