The reinforcements and composites business being acquired had a turnover of £480.8m in 2006

Building products giant Saint-Gobain has confirmed agreements to sell its reinforcements and composites businesses to rival Owens Corning.

Owens Corning will pay $640m (£315.2m) for the businesses, which in 2006 had a combined turnover of euro 715m (£480.8m)

The deal is expected to be closed by the end of 2007.