Further financial details of the transaction have not been disclosed.
Announced in February, the acquisition followed the receipt of all regulatory clearances.
Owens Corning Roofing and Asphalt business president Brian Chambers said: "This transaction strengthens our capabilities to support the conversion from organic to synthetic underlayments and accelerate our growth in the Roofing Components market.
"The acquisition also provides new growth opportunities for us given that InterWrap is a leader in lumber and metal packaging."
InterWrap produces synthetic roofing underlayment, including the Titanium and RhinoRoof brands, as well as protective packaging products, such as Duramet and WeatherPro.
The company reported sales of $250m in 2015.
Around the time the acquisition agreement was signed, Chambers said: "InterWrap is a pioneer in the synthetic underlayment and packaging industries.
"Owens Corning has a proud history of innovating in building materials, and the addition of the InterWrap team will enhance our ability to expand into new applications and markets to create value for our customers."
Owens Corning posted 2015 sales of $5.4bn, and employs about 15,000 people in 25 countries.