Americas Construction: Building Products: Media Reports Interest in Potential Takeover of Owens Corning by Carlisle

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Americas Construction: Building Products: Media Reports Interest in Potential Takeover of Owens Corning by Carlisle

Equity Research

29 June 2026 | 7:21PM EDT

Americas Construction: Building Products: Media Reports Interest in

Potential Takeover of Owens Corning by Carlisle

Earlier today, the Wall Street Journal reported Carlisle has made more than one Susan Maklari

+1(212)357-3906 |

unsolicited bid to acquire Owens Corning in recent months, which would increase the susan.maklari@gs.com

Goldman Sachs & Co. LLC

company’s residential exposure. Details and terms are unknown, though the article

Charles Perron-Piche, CFA

notes Owens Corning has not engaged in meaningful discussions while Carlisle is +1(917)343-1847 | charles.perron-

contemplating its next move. In this note we offer some context on both companies piche@gs.comGoldman Sachs & Co. LLC

and the industry as well as our perspective on frequently asked investor questions. Rhea Bhatia

Although we take no view on the likelihood of such transaction, we highlight the +1(332)245-7517Goldman Sachs India| rhea.bhatia@gs.comSPL

following: Galilee Best

+1(212)902-7208 | galilee.best@gs.com

Goldman Sachs & Co. LLCn Possible Rationale for the Offer: This deal would combine leaders in both

commercial flat and residential steep-slope roofing, providing distributors and

contractors with a one-stop shop. We note Carlisle is the leader in non-res flat

roofing while OC is the second largest producer in residential asphalt shingles.

This closely resembles GAF, a private producer with the number 1-2 position in

resi/commercial roofing.

n Deepening Presence in the Building Envelope: In addition to roofing, Carlisle is

a producer of spray foam and other sealants and adhesives for commercial and

residential applications.