Owens Corning has signed an agreement to sell its masonry division, which makes Owens Corning Cultured Stone exterior siding, to Boral Industries in a two-part transaction, the company announced. 

The building products supplier will sell a 50% stake in its masonry products unit to Boral Industries for $45 million at closing, and the unit will then be operated jointly until early 2014. At that time, Owens Corning will sell its remaining 50% stake for $45 million and may receive additional proceeds dependent upon 2013 financial performance. 

The transaction is expected to close by year-end and is subject to regulatory approval.

Based in Toledo, Ohio, Owens Corning is a maker of insulation, roofing, windows and manufactured stone siding. Boral is based in Australia. The company's U.S. division makes bricks, roof tiles and other construction products.