Owens Corning (NYSE:OC), a global producer of glass fiber reinforcements for composite systems and residential and commercial building materials, has announced a $130 million investment in North America to expand its global glass non-wovens business. The new facility will house a state-of-the-art manufacturing line, coating capability, and research and development activities, with future expansion options.
According to Owens Corning Group President Arnaud Genis, "There is a limited supply of glass non-woven products serving the global building materials market today. As projections for long term growth are optimistic, our customers have been eagerly waiting for Owens Corning to offer more of our unique products and solutions to support and accelerate their growth. This new investment further leverages our integrated position as a glass fiber and glass non-woven supplier, and will complement existing non-woven facilities in North America and Europe to ensure we remain the global leader in glass non-woven technology."
The North American facility will use Owens Corning glass fibers supplied from existing facilities and will specialize in high quality glass non-woven applications including wall covering, ceiling and flooring, specialty insulation, gypsum, and automotive products. The location of the new facility has been narrowed to several states, with the final determination based on the proximity to customers, availability of talent, infrastructure and natural resources, and a favorable business environment. Final site selection is expected to be completed in the near future.
About Owens Corning
Owens Corning is a global producer of glass fiber reinforcements and engineered materials for composite systems and residential and commercial building materials. A Fortune 500 company for 59 consecutive years, Owens Corning is committed to driving sustainability through delivering solutions, transforming markets and enhancing lives. Celebrating its 75th anniversary in 2013, Owens Corning had sales of $5.2 billion in 2012 and employs 15,000 employees in 27 countries on five continents. The Owens Corning Composite Solutions Business delivers a broad range of reinforcement products that provide lightweight alternatives to steel, wood and aluminum, thereby reducing weight and improving energy efficiency. Additional information is available at www.owenscorning.com.
Owens Corning Media Kelly Donaghy, +1-419-343-0207 or Investor Relations Adam Bayer, +1-419-248-6238