Owens Corning increases recycled content.Owens Corning Owens Corning Corporation is the world's largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity November 1, 1938. has announced that its line of fiberglass insulation products has been certified by Scientific Certification Systems (SCS) to contain an average of 35 percent recycled content, a 5 percent increase from its prior certification. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a release from Owens Corning, the company now has the highest certification level in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . SCS approved the certification of Owens Corning's PINK fiberglass insulation, as well as the company's commercial fiberglass products, after a comprehensive audit of the company's claims, which involved visiting its facilities to see the manufacturing process and interviewing plant personnel. Owens Corning says it was able to increase the post-industrial and post-consumer recycled content in its insulation products to 35 percent by enhancing its manufacturing process to use more secondary glass from additional sources. The proceeds of the new $350 million senior secured credit facility were used to repay Safety-Kleen's pre-existing $295 million credit facility, as well as transaction fees and expenses, including a prepayment premium. Safety-Kleen says the new credit facility includes a $100 million asset-based revolving loan, which is secured by accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and inventory, a $150 million term loan as well as a $100 million pre-funded letter of credit facility. Deutsche Bank Securities Inc. and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. acted as joint lead arrangers on the refinancing. Safety-Kleen, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , is a leading parts cleaner, industrial waste management and oil recycling and re-refining company in North America. It employs approximately 4,500 and serves customers in a variety of industries and markets, from local auto shops to government agencies and major corporations. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion