USG Corp. (NYSE: USG), Chicago, IL, has agreed to sell its interest in Knauf-USG Verwaltungs GmbH and Knauf/USG Systems GmbH & Co. KG to Knauf Aquapanel GmbH for €48 million ($US54.1 million).

The Knauf-USG Joint Venture manufactures and distributes Aquapanel brand cement panels throughout Europe (excluding Turkey) and all countries that were part of the former Soviet Union. USG’s equity method income in the Knauf-USG Joint Venture amounted to $2 million for the year ended Dec. 31.

“While our partnership with Knauf in Europe has been successful, our strategic focus lies on strengthening the core of our North American operations and growing our USG-Boral business in Asia and Australasia,” said James S. Metcalf, Chairman, President, and CEO. “We’re pleased with the value we are receiving for our interest in the Knauf-USG Joint Venture, and plan to use the proceeds from the sale to ultimately pay down debt.”