Owens Corning has officially sold its glass reinforcements business to Praana Group, an India-based holding firm that operates a diverse portfolio of companies primarily serving the industrial sector. The divestment allows Owens Corning to further focus on residential and commercial building products in North America and Europe.

Owens Corning sold the glass reinforcement business for $645 million. The company’s cash proceeds from the transaction total approximately $280 million. It expects to generate additional cash of approximately $50 million to $70 million from excess alloy sales over the next year.

“Over the past few years, we have advanced our strategy to focus on branded residential building products in specific geographies where we can build market-leading positions and maximize long-term shareholder value,” says Brian Chambers, Owens Corning chair and CEO. “Closing this transaction represents another key step forward in reshaping Owens Corning as a more integrated building products leader that generates strong cash flows to accelerate growth and support our capital allocation strategy.”

Owens Corning operates three principal business segments, roofing, insulation and doors, serving residential and commercial markets primarily in North America and Europe. Its former glass reinforcements business manufactures materials used to strengthen composites that are applied across industrial, transportation, infrastructure and consumer end markets. Under Praana Group, the business will continue as a standalone platform.