Japanese group Asahi Fiber Glass has been bought by Orix financial services group.

Asahi Fiber Glass is Japan's first dedicated glass fiber manufacturer established in 1956 by Asahi Glass and Owens Corning.

Asahi has three business units: Glass wool, building material and construction operation. The glass wool business is its main unit and has 40% of the Japanese market.

The company has technical capability in the areas of development and manufacturing, and handles glass wool products, including thermal insulation for housing and building utilities such as thermal insulation and noise absorbing materials for high-rise buildings.

Orix will participate in Asahi Fiber Glass’s management and provide support on planning and execution of various measures to raise the corporate value.