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OWENS-CORNING AND SCHULLER INTERNATIONAL CONCLUDE ROOFING EXCHANGE

 TOLEDO, Ohio, Jan. 17 /PRNewswire/ -- On Sunday, Owens-Corning (NYSE: OCF) concluded the exchange of its U.S. commercial roofing business for Schuller International Inc.'s residential roofing business after receiving Federal Trade Commission approval. The Trumbull Asphalt operation of Owens-Corning's commercial roofing business is not included in the exchange.
 "The conclusion of the trade is consistent with the direction of our corporate-wide strategic initiative for our roofing business," said Glen H. Hiner, Owens-Corning chairman and CEO.
 "Residential roofing is an outstanding opportunity for profitable growth, and this exchange strengthens our position in that market through an instant expansion of capacity and product offerings on a national basis," he said.
 The exchange is a win-win situation for both companies. The transfer allows both companies an opportunity to expand in a market that enhances their strengths. And it transfers Owens-Corning's commercial roofing business to a company that is dedicated to providing the resources necessary for its success.
 "Our capacity for high-margin, laminated shingles will triple, and we will be positioned to better supply the fastest growing segment of the market in all regions of the country," said Dave Brown, president of Owens-Corning's Roofing and Asphalt business segment. "This transaction enables both Owens-Corning and Schuller to strategically realign our operations and establish efficient and cost-effective service to our customers," Brown added.
 The basics of the agreement include:
 Schuller acquires the Owens-Corning commercial roofing
 plant in Oklahoma City, Oklahoma.
 Schuller will purchase commercial roof insulation and
 continuous strand mat for Perma Ply-R from Owens-
 Corning's plant in Kansas City, Kansas.
 Owens-Corning acquires Schuller's roofing plant in
 Savannah, Georgia.
 Owens-Corning acquires Schuller's residential roofing
 equipment, now located in Waukegan, Illinois.
 Schuller acquires Owens-Corning's modified bitumen equipment
 in Canada.
 As part of this transaction, Owens-Corning will transfer laminating equipment to its plant in Compton, Calif., enabling the company to serve its west coast customers with this fast growing product. Production will begin during the third quarter. Owens-Corning will be well positioned to serve this growing market with plants in Houston, Texas; Savannah, Ga.; Compton, Calif.; and Brookville, Ind.; where a new laminator will be operational in March.
 Based in Toledo, Ohio, Owens-Corning is the world's leading manufacturer of glass fiber materials, including insulation and roofing used in residential and commercial construction.
 -0- 1/17/94
 /CONTACT: Elizabeth Sudheimer, Press Relations Manager, of Owens- Corning, 419-248-6190/
 (OCF)


CO: Owens-Corning; Schuller International Inc. ST: Ohio IN: CST SU:

KL -- CL012 -- 2437 01/17/94 10:07 EST
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Publication:PR Newswire
Date:Jan 17, 1994
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