More than Doubles Production Capacity in Emerging Market
TOLEDO, Ohio, July 29 /PRNewswire-FirstCall/ -- Owens Corning (NYSE:
OC), a world leader in glass fiber reinforcements and building materials
systems, announced today that it will more than double the production
capacity of its glass fiber composites facility in Gous-Khrustalny, Russia,
to meet growing global demand.
"This investment will serve existing customer growth in Russia and
throughout Europe and the Middle East," said Mike Thaman, chairman and
chief executive officer. "The expansion leverages our 2007 acquisition of
the Saint-Gobain composite businesses by building out our platform in
Russia to take advantage of strong market demand."
The expanded facility in Russia will produce a complete range of
composite products using Owens Corning's best technology for glass fiber
production and fabrication. It will incorporate the company's patented
Advantex(R) and advanced glass-melting technology platforms that bring
world-class energy efficiency and emissions control in manufacturing, while
providing customers with unique product benefits including corrosion
resistance and high strength.
"Our additional capacity in Russia will create meaningful value for our
customers," said Chuck Dana, president of Composite Solutions. "The
expanded facility will meet growing global demand for glass fiber composite
products in infrastructure, wind energy, construction, electronics and
automotive markets. This expansion is ideal in the favorable business
climate of the Vladimir Province, and establishes a foundation for the
addition of a technical fabrics operation that will fully capture the
growth of wind energy and distribution in Western Europe."
The growth rate of glass fiber composite demand in Russia is estimated
to be greater than 10 percent per year, and growing at nearly twice the
rate of gross domestic product (GDP) around the world. Construction is
planned to begin in 2008, with start-up anticipated by the end of 2009. The
facility will continue full production during the expansion process.
Owens Corning acquired the Gous-Khrustalny, Russia, production facility
as part of its 2007 acquisition of Saint-Gobain's composites businesses.
About Owens Corning
Owens Corning (NYSE: OC) is a leading global producer of residential
and commercial building materials, glass fiber reinforcements and
engineered materials for composite systems. A Fortune 500 company for 54
consecutive years, Owens Corning is committed to driving sustainability
through delivering solutions, transforming markets and enhancing lives.
Founded in 1938, Owens Corning is a market-leading innovator of glass fiber
technology with sales of $5 billion in 2007 and 19,000 employees in 26
countries on five continents. Additional information is available at
http://www.owenscorning.com
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements are
subject to risks, uncertainties and other factors, many of which are
outside the control of the company, which could cause actual results to
differ materially from those projected in these statements and from the
company's historical results and experience. Such factors include
competitive factors, pricing pressures, availability and cost of energy and
materials, acquisitions and achievement of expected synergies therefrom,
general economic conditions and factors detailed from time to time in the
company's Securities and Exchange Commission filings. Since it is not
possible to predict or identify all of the risks, uncertainties and other
factors that may affect future results, the above list should not be
considered a complete list. Any forward-looking statement speaks only as of
the date on which such statement is made, and the company undertakes no
obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
SOURCE Owens Corning
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Related links:
http://www.owenscorning.com
http://www.prnewswire.com/comp/677350.html/
CONTACT:
Media, Jason Saragian, +1-419-248-8987, or
Investors, Scott Deitz, +1-419-248-8935, both for Owens Corning
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