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OWENS-CORNING CEO ANNOUNCES ACTION AGENDA

 OWENS-CORNING CEO ANNOUNCES ACTION AGENDA
 NEW YORK, Sept. 9 /PRNewswire/ -- Technology and global growth are


the top priorities of Owens-Corning (NYSE: OCF), according to Chairman and CEO Glen H. Hiner.
 In a news conference here today to launch the company's new corporate logo, Mr. Hiner said that "technology is the heart and soul of Owens-Corning and is the link which ties our global enterprise together. In and of itself, our new mark is only a symbol. What it symbolizes is the real story."
 Since assuming leadership of Owens-Corning in January, Mr. Hiner has positioned the company not only to develop new technologies in fiber glass and other materials, but also to more aggressively apply these technologies to the marketplace.
 "Today, Owens-Corning is undergoing a significant strategic transition," said Mr. Hiner. "It is a transition to a market-driven company. The emphasis of our new corporate identity, therefore, is focused on the name Owens-Corning."
 R&D Spending
 In terms of research and development, Mr. Hiner said one of his first actions was to re-allocate spending, doubling investment in long-term product development (five years or more) from 13 to 26 percent of the total R&D budget. He also announced plans to revitalize the company's Granville, Ohio, technical center and to attract and retain the brightest minds available. Mr. Hiner said the company had recently recruited six "all-star" scientists.
 Reducing cycle time
 Reducing cycle time, which Mr. Hiner called "the real battle-ground of the 90's" also will be a central focus. This concept refers to the time it takes to develop and manufacture products, distribute them to customers, and to expand into new markets and technologies.
 "Speeding our basic business cycle will continue to improve our quality and productivity which, in turn, will strengthen our global competitiveness," he said.
 In order to grow globally, the other driving force of Mr. Hiner's action agenda, the company is utilizing its technical expertise in fiber glass to develop new products and enter new markets around the world. Mr. Hiner said Hiner said Owens-Corning has operations in Canada, Europe, Latin America and the Far East, and believes the new mark will help strengthen the company's worldwide identity.
 "We are striving for consistency," he said. "We want the world to know these global operations are Owens-Corning."
 According to Mr. Hiner, a major focus of the company's international efforts is in developing joint ventures, affiliates and alliances. He cited construction of a new plant in Kimchon City, Korea, (a venture between Owens-Corning, Asahi Glass/Asahi Fiber Glass and Lucky Gold Star/Lucky Ltd.) Owens-Corning's 20-plus year relationship with Asahi Glass in Japan provides another strong presence in the region.
 "In Japan and other parts of the Far East, energy dependency and strict energy conservation standards present outstanding opportunities for our commercial and residential construction products," he said.
 In addition, Mr. Hiner noted that Europe represents enormous potential, given the company's already solid position there. "For example," he said, "we are now the market leader in fiber glass reinforcements."
 Germany, in particular, is fertile ground for Owens-Corning. According to Mr. Hiner, the company's business in that country has grown by almost 70 percent since 1990, primarily due to an extremely strong level of construction, renovation and insulation activity.
 "It is a country that is environmentally sensitive, with a shortage of housing," he said. "For Owens-Corning, that's a prescription for success."
 Mr. Hiner also discussed the company's facility in Battice, Belgium, which he said is responding to the auto industry's need for high-speed production. "Battice engineers are working with two auto industry groups to develop robotic technology for producing preforms for fiber glass-reinforced parts. Plans call for the new technology to be exported back to the U.S."
 "Tremendous opportunities for expansion and market penetration also exist in Eastern Europe," said Hiner. "Czechoslovakia is a prime target for our products," he said. "I am committed to expanding our presence there."
 Finally, Mr. Hiner said that he has established three guiding principles for Owens-Corning: customer satisfaction, individual dignity and shareholder value. "In many ways, they were designed for internal consumption," he said. "But as we move toward that market-driven, globally focused organization, I believe these core values have external application."
 Owens-Corning has had two consecutive quarters of improved earnings, and Mr. Hiner said he is committed to moving the company beyond $3 billion in annual sales. "Our strategy for technological development and global growth has been devised with the best interests of our customers and shareholders in mind," he said.
 -0- 9/9/92
 /CONTACT: Gregg Bronk of Owens-Corning, 419-248-8004, or Bill Noonan of Burson-Marsteller, 212-614-4450, for Owens-Corning/
 (OCF) CO: Owens-Corning ST: Ohio IN: SU:


TS-LR -- NY038 -- 7522 09/09/92 12:51 EDT
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Date:Sep 9, 1992
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