OWENS CORNING

Owens Corning (OC) operates in the PINK. Famous for its Pink Panther mascot and its trademarked PINK glass fiber insulation, the company is a top global maker of building and composite material systems. Its building materials segment, which accounts for about two-thirds of OC's sales, makes insulation, roofing and asphalt, and other materials for the residential and commercial markets. Its composite products segment makes glass fiber reinforcement materials for the transportation, industrial, infrastructure, marine, wind energy, and consumer markets. Owens Corning traces its historical roots to 1938.

Geographic Reach

Ohio-based Owens Corning has about 90 manufacturing facilities in some 27 countries in the Americas, Europe, Africa, and the Asia/Pacific region. The US generates about 70% of its total sales.

Sales and Marketing

Owens Corning sells shingles and roofing accessories primarily through home centers, lumberyards, retailers, distributors, and contractors in the US. Other asphalt products are sold internally to manufacture residential roofing products and externally to other roofing manufacturers.

In 2013, the company spent $105 million on advertising.

Financial Performance

Owens Corning's sales increased 2% in 2013 versus 2012, to $5.3 billion, and the company swung from a loss in 2012 to a profit of $204 million for the year. (Still, 2013 sales were significantly lower than in 2005, when the company exceeded $6.3 billion in revenue.) Driving the modest uptick in 2013 sales were higher selling prices across the company's building materials businesses and increased sales volumes in the insulation business, partially offset by lower sales volume in the roofing business. Sales of insulation products increased 12% year over year. Owens Corning's midyear acquisition of Thermafiber Inc., contriubted about $25 million in net sales that was offset about equally by unfavorable mix and lower international sales.

Strategy

Growing global demand has motivated the company to make investments in its composites business, which supplies the industrial, energy, and residential markets. Its OCV Reinforcements and OCV Technical Fabrics units provide lightweight alternatives for steel, wool, and aluminum. Owens Corning has opened a new reinforcements manufacturing plant and a glass fiber manufacturing facility. The locations significantly increased Owens Corning's capacity in China and support growing demand in Asian markets. The company also is expanding other facilities in Russia and Mexico. At the same time, Owens Corning is balancing out composites production by reducing inventory in places such as Europe, where demand has been lower.

Owens Corning also makes acquisitions to fortify its core segments at home and abroad.

Mergers and Acquisitions

In June 2013, Owens Corning strengthened its insulation portfolio by purchasing Thermafiber, Inc., a maker of mineral wool commercial and industrial insulation products.Thermafiber's products provide fire protection, sound control, and energy conservation and are found is six of the 12 tallest buildings in the world, including One World Trade Center and the Burj Khalifa Tower in Dubai. In March 2013, the company acquired Tanaka Kikinzoku (Suzhou) Co. (TKS), a maker of glass fiber bushings and other parts for the glass fiber industry in China. The TKS purchase enables Owens Corning to better serve the Chinese market, which is the largest and fastest growing glass fiber market in the world. TKS was integrated into Owens Corning's GlassMetal Services business.

In 2011 Owens Corning enhanced its loosefill (blow-in) insulation business with the acquisition of FiberTEK Insulation and FiberTEK Insulation West. The deal included manufacturing plants in Florida and Utah.

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OWENS CORNING


1 Owens Corning Pkwy
Toledo, OH 43659-0001
Phone: 1 (419) 248-8000
Fax: 1 (419) 2485337
www.owenscorning.com

STATS


  • Employer Type: Public
  • Stock Symbol: OC,
  • Stock Exchange: , NYSE
  • Chairman, President, and CEO: Michael Thaman
  • Chairman, President, and CEO: Michael Thaman
  • VP and CIO: Steve Zerby

Major Office Locations

  • Toledo, OH

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