About Owens Corning
Owens Corning (NYSE: OC) 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 2017 sales of $6.4 billion and employs 19,000 people in 37 countries. It has been a Fortune 500® company for 63 consecutive years.
Owens Corning is organized in three business segments: Composites, which generated 34% of the company's total revenue in 2015 and includes reinforcements and downstream businesses; Insulation (34% of revenues); and Roofing (32% of revenues).Within the Composites segment, the company's reinforcements business manufactures, fabricates and sells glass reinforcements in the form of fiber. Its downstream business manufactures and sells glass fiber products in the form of fabrics, mat, veil, and other specialized products.
Ohio-based Owens Corning has about 88 manufacturing facilities in some 25 countries in the Americas, Europe, Africa, and the Asia/Pacific region. The US generates about 69% of its sales, while Europe, the Asia/Pacific, and Canada and other countries contribute 12%, 10%, and 9%, respectively.
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.
The company has decreased its advertising spend in recent years. It spent $98 million on marketing and advertising in 2015, down from $100 million in 2014, $105 million in 2013, and $109 million in 2013.
Owens Corning's revenue rose 2% to $5.35 billion in 2015 from $5.26 billion in 2014, primarily on a 6% sales increase in the insulation business. Insulation benefited from higher sales volumes of about 5% and higher selling prices.
The company's net income continued a string of increases with a whopping 46% jump to $330 million in 2015 from 2014. Added to the higher revenue, OC gained from extinguishment of debt related to its purchase of its headquarters facility; the building had been leased.
OC's operating cash flow leaped $742 million n 2015, compared to $452 million in 2014.
Owens Corning's insulation business remains as the business' main strength, and has been growing with the strengthening housing, commercial and industrial construction markets, and as more homeowners have been able to spend on remodeling.The company reports that it is North America's largest producer of residential, commercial, and industrial insulation, and the second-largest producer of extruded polystyrene foam insulation.
Growing global demand has motivated the company to make investments in its composites business, which supplies the industrial, energy, and residential markets. Its OCV Reinforcements and OCV Technical Fabrics units provide lightweight alternatives for steel, wool, and aluminum.
To meet growing demand for bio-based products, Owens Corning in late 2014 broke ground on a new advanced-technology facility in Gastonia, North Carolina. It would offer manufacturing flexibility to produce different widths of the company's Sustaina non-woven glass fiber fabric.
In the past, Owens Corning has also made acquisitions of companies in similar markets to fortify its service offerings at home and abroad.
Mergers and Acquisitions
In 2018 Owens Corning acquired European stone wool insulation producer Paroc Group from CVC Capital Partners for €900 million (US$ 1 billion). The move expanded Owens' mineral wool technology, further entrenched its European presence, and shifted its geographic revenue portfolio towards non-North American sources.
In 2016 Owens Corning acquired InterWrap, a leading manufacturer of roofing underlayment and packaging materials, for US$450 million.
Also in 2016 the company agreed to buy the glass non-wovens and fabrics businesses of Ahlstrom, the fiber-based materials company based in Helsinki, Finland, for US$79.5 million (€73 million).
1 Owens Corning Pkwy
Toledo, OH 43659-0001
Phone: 1 (419) 248-8000
Employer Type: Publicly Owned
Stock Symbol: OC
Stock Exchange: , NYSE
SVP and CFO: Michael C. McMurray
SVP Organization and Administration: Daniel T. Smith
Chairman, President, and CEO: Michael H. Thaman
Employees (This Location): 1,000
Employees (All Locations): 19,000
Phenix City, AL
Fort Smith, AR
Santa Clara, CA
Saint James City, FL
West Palm Beach, FL
Buffalo Grove, IL
Kansas City, KS
Granite Falls, NC
Feura Bush, NY
Grove City, OH
Mount Vernon, OH
New Albany, OH
Oklahoma City, OK
Mount Carmel, PA
New Delhi, India
Besana In Brianza, Italy
Port Coquitlam, Canada