Printer Friendly

OWENS-CORNING AND THE ALPHA CORPORATION TO FORM RESINS JOINT VENTURE

 TOLEDO, Ohio, Oct. 27 /PRNewswire/ -- Owens-Corning Fiberglas Corp. (NYSE: OCF) and the Alpha Corporation of Tennessee have signed a letter of intent to combine their resin businesses in a separate joint venture, announced John B. Jenks, vice president and general manager of Owens- Corning's Resins and Coatings Division, and Gerald P. Griffith, president and chief operating officer of Alpha.
 The joint venture will include Alpha's resin plants in Collierville, Tenn.; Kathleen, Fla.; and Perris, Calif.; and Owens-Corning's resin plants in Guelph, Ontario; and Valparaiso, Ind. The combination will result in a nationwide network of resin-producing facilities.
 According to Griffith, "The merger represents a unique opportunity to enhance service and expand polyester and vinyl ester resin technology available to North American markets. Owens-Corning and Alpha are both committed to maintaining the high quality and service standards customers have come to expect from our companies."
 "The decision to seek a joint venture partner for our resin business is an outgrowth of a comprehensive corporate strategic review which was recently completed," said Jenks.
 The partnership will be 50/50 and involve both polyester and vinyl ester resins. The unit will be managed by a board of directors with members coming from each of the parent companies.
 -0- 10/27/93
 /CONTACT: Elizabeth R. Sudheimer of Owens-Corning, 419-248-6190, or Fred Norman of The Alpha Corporation, 901-853-2450/
 (OCF)


CO: Owens-Corning Fiberglas Corporation; The Alpha Corporation ST: Ohio, Tennessee IN: CHM SU: JVN

AR -- CL015 -- 7384 10/27/93 14:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 27, 1993
Words:246
Previous Article:NATIONSBANK DECLARES QUARTERLY DIVIDEND
Next Article:CHAMPS REPORTS THIRD QUARTER CASH FLOW OF APPROXIMATELY 13 CENTS PER SHARE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters