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OWENS CORNING ANNOUNCES PLANS FOR FOURTH PLANT IN CHINA

NANJING, China, March 8 /PRNewswire/ -- Owens Corning has announced its plans to build a fourth plant in the People's Republic of China.

Owens Corning has formed a joint venture partnership with Jiangsu New Construction Materials Industry Park Development Corporation. The total capital investment by both partners will be approximately US $15 million within the next three years.

The new joint venture, named Owens Corning (Jiangsu) XPS Foam Co. Ltd., will build a factory in Nanjing. The facility will manufacture Owens Corning's Pink Foamular(R) extruded polystyrene (XPS) foam insulation products, which will be used for roofing, external walls and cavity walls. As a complementary product to the company's fiber glass insulation products, Foamular XPS foam insulation products will also help conserve energy.

According to China's Building Materials Bureau, the country will focus on developing applications of innovative insulation wall materials during its ninth five-year plan (1996-2000) to achieve energy conservation goals. It is expected that 40 percent of all new building projects will use innovative insulation wall materials by the year 2000.

"As the world leader in insulation products, Owens Corning is very committed to sharing our experience with China and contributing to China's energy conservation goals," said Carl Hedlund, president of Owens Corning Asia Pacific.

"Jiangsu is determined to become China's model province for energy- efficient constructions," said Dr. Ben Yau, managing director of Building Materials, Owens Corning Asia Pacific. "The province has set an initial target of having 5 percent of all new building projects become energy-efficient constructions every year. Owens Corning believes that locating our joint venture in Nanjing, the capital city of the Jiangsu province, will help us to contribute to China's construction industry and its energy conservation initiatives," Yau added.

"Jiangsu New Construction Materials Industry Park Development Corporation is very well established within the Jiangsu construction industry. Their in-depth knowledge of the local market will be very valuable to our joint venture. We look forward to a successful partnership," added Dr. Yau.

The Nanjing plant is expected to be completed by the first quarter of 1997 with an annual output of 100,000 cubic meters of foam insulating materials.

The Nanjing facility is Owens Corning's fourth plant in China and the company's first foam plant in that nation. The first is a wholly owned production plant in Changchun in the Jilin province which manufactures large-diameter glass-reinforced plastic pipe. The Changchun plant became operational in the second quarter of 1995.

The company's second plant in China is an insulation joint venture, established with the Industrial Development Corporation in Guangzhou. The Guangzhou plant began production in September 1995.

The third plant is also a fiber glass insulation joint venture, recently established with Shanghai Building Materials Industry Investment and Development Company in Shanghai. The Shanghai plant is expected to be completed by the end of 1996.

Owens Corning is a world leader in high performance glass composites and building materials systems. The Toledo, Ohio, USA-based company had 1995 sales of $3.6 billion and employs 17,000 people in more than 30 countries. In China, Owens Corning operates offices in Beijing, Shanghai, Guangzhou, Wuhan, Chengdu and Changchun.
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/CONTACT: Viktoria Vella, Director, Investor Relations, 419-248-6952, or William K. Hamilton, Leader, Media Relations, 419-248-6190, both of Owens Corning/

/Owens-Corning's press releases available through Company News On-Call by fax, 800-758-5804, ext. 677350, or at http://www.prnewswire.com/

/The Owens-Corning corporate logo available via Wieck Photo Database, 214-392-0888/

(OCF)

CO: Owens Corning; Jiangsu New Construction Materials Industry Park

Development Corporation ST: Ohio IN: CST SU: JVN

BG-TC -- CLF006 -- 1515 03/08/96 09:44 EST
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Date:Mar 8, 1996
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