Owens Corning Opens New Glass Fiber Manufacturing Facility in Hangzhou, China
State-of-the-Art Plant Significantly Expands Capacity in China, Supports Demand from Fast-Growing Asian Markets
HANGZHOU, China, March 9, 2011 - Owens Corning (NYSE: OC), the leading global producer of glass fiber reinforcements, today held the official opening ceremony of its new production facility in the Yuhang Economic and Development Zone, Hangzhou, China. Nearly 300 customers, suppliers, local government representatives and global corporate leaders joined the celebration.
The plant significantly expands the company's capacity in China and represents a major milestone in the 73-year history of Owens Corning.
"Building a new facility in China is part of our global business strategy to supply our customers locally in growing regions of the world," said Owens Corning Chairman and Chief Executive Officer Mike Thaman. "The new Yuhang plant represents Owens Corning's commitment to serve our customers and the fast-growing China market."
Capacity from the new Yuhang plant, currently in its first phase of operation, will augment output from an existing facility nearby, and will supply rovings to the Asia Pacific market which are currently being imported from Europe and the Americas. The new facility employs approximately 280 people and brings the number of composite production sites in Asia to eight.
The new plant is designed for world-class energy efficiency, combining Owens Corning's patented Advantex® glass formulation together with its advanced glass melting technology. A proven product introduced to the global market in the late 1990's, Owens Corning's proprietary Advantex® glass is both an E-glass and a boron-free corrosion resistant E-CR glass and possesses superior corrosion resistance in acidic, water and alkaline environments. Advantex® glass also offers high mechanical properties, high fatigue resistance and strength-to-weight ratio ideal for a wide variety of fiber-reinforced plastic (FRP) applications such as wind turbine blades, pipe and pressured vessels.
"We are very excited to bring our best-in-class technology here to China," said Vice President and Managing Director, Owens Corning China, Jean-Marc Sinkora. "This investment enables us to serve our Asia Pacific customers with local supply, allowing them to bring products to market more quickly and more cost effectively."
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 57 consecutive years, Owens Corning is committed to driving sustainability by 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 2010 and about 15,000 employees in 28 countries on five continents. Additional information is available at www.owenscorning.com.
Media Contact:
Beth Rettig
Owens Corning
1-419-248-6777
Beth.Rettig@owenscorning.com
