"It also reflects Owens Corning’s increasing commitment to China as one of the world’s fastest growing markets for composites."
Owens Corning (NYSE: OC), a global producer of glass fiber reinforcements for composite systems and residential and commercial building materials, has entered into technology licensing and manufacturing supply agreements with Shandong Fiberglass Group Co., Ltd., in China.
This strategic relationship will leverage Owens Corning’s Advantex® glass fiber reinforcements and chopped strand technology and expertise to produce chopped strand products for the thermoplastics industry using the Shandong Fiberglass manufacturing platform. The companies will continue to operate as separate commercial entities.
“This strategic relationship demonstrates that our respective companies are committed to supporting the growth of our customers,” said Marcio Sandri, Owens Corning Vice President and Managing Director, Glass Reinforcement Solutions. “It also reflects Owens Corning’s increasing commitment to China as one of the world’s fastest growing markets for composites.”
Mr. Niu Aijun, Chairman of the Board and legal representative of Shandong Fiberglass, added, “We are very happy to apply world-class technology and manufacturing excellence through this strategic relationship with Owens Corning. Together, we are in a much better position of servicing our respective customers, and contributing to the development of the composites industry.”
The relationship with Shandong Fiberglass is the latest in a series of relationships Owens Corning has forged with China-based manufacturers to take advantage of external assets while continuing to strategically leverage its internal capacity. Owens Corning previously announced similar agreements with China-based Xingtai Jinniu Fiberglass Company and Taishan Fiberglass.
About Owens Corning
Owens Corning develops, manufactures and markets insulation, roofing and fiberglass composites. Global in scope and human in scale, the company’s market-leading businesses use their deep expertise in materials, manufacturing and building science to develop products and systems that save energy and improve comfort in commercial and residential buildings. Through its glass reinforcements business, the company makes thousands of products lighter, stronger and more durable. Ultimately, Owens Corning people and products make the world a better place. Based in Toledo, Ohio, Owens Corning posted 2014 sales of $5.3 billion and employs about 15,000 people in 26 countries. It has been a Fortune 500® company for 61 consecutive years. For more information, please visit www.owenscorning.com.
About Shandong Fiberglass
Shandong Fiberglass Group Co., Ltd. (“SDF”), a wholly-owned subsidiary of its holding company, Shandong Energy Linyi Mining Group Co., Ltd., is one of the largest fiberglass manufactures in China, with a business complex integrating fiberglass, fiberglass products, chemicals, precious metal processing, power generation and heating. Set up in 2008, the company has a registered capital at 400 million Yuan RMB and a total assets of 2.8 billion Yuan RMB with 2900 employees, and has been a board member of the China Fiberglass Industry Association.