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OWENS-CORNING WILL EXPAND RESIDENTIAL ROOFING BUSINESS AND DIVEST COMMERCIAL ROOFING BUSINESS IN EXCHANGE WITH SCHULLER INTERNATIONAL

 TOLEDO, Ohio, Sept. 16 /PRNewswire/ -- Consistent with directions of a corporate-wide strategic initiative, Owens-Corning (NYSE: OCF) today announced its intention to exchange its U.S. commercial roofing business with Schuller International Inc.'s residential roofing businesses.
 The Trumbull Asphalt operation of Owens-Corning's commercial roofing business is not included in the exchange.
 "After a thorough analysis of the long-term prospects for Owens- Corning's roofing business, we determined that residential roofing has outstanding opportunities for profitable growth," said Glen H. Hiner, Owens-Corning chairman and chief executive officer. "Accordi have reached a mutually beneficial agreement with Schuller International, a subsidiary of Manville Corp. (NYSE: MVL), which will enable us to strategically realign our operations, making them more efficient and cost-effective.
 "The transactions will strengthen our residential roofing business by instantly expanding our capacity and product offering on a national basis," Hiner said.
 "We will immediately be able to triple our capacity for high-margin, laminated shingles," Hiner continued. "This unique agreement allows us to divest a business that does not have a solid fit with our realigned growth objectives and focus our attention and resources on opportunities that are strategically important to our goals."
 The basics of the agreement include:
 -- Schuller acquires the Owens-Corning commercial roofing plant in Oklahoma City.
 -- Schuller will purchase commercial roof insulation and continuous strand mat for Perma Ply-R from Owens-Corning's plant in Kansas City, Kan.
 -- Owens-Corning acquires Schuller's roofing plant in Savannah, Ga.
 -- Owens-Corning acquires Schuller's residential roofing equipment, now located in Waukegan, Ill.
 "This pending exchange," states Hiner, "represents the third major action taken as a result of our new strategic direction. The first action was the sale of our rockwool plant in Guararema, Brazil; the second was the sale of our calcium silicate business and the closing of our plant in Berlin, N.J. Over the next several months, we expect to implement other recommendations being developed by our strategic review committee."
 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.
 Based in Denver, Schuller manufactures and sells glass fiber insulation, reinforcements, filtration and building products.
 -0- 9/16/93
 /CONTACT: Bradford C. Oelman, 419-248-8220, or Elizabeth Sudheimer, 419-248-6190, both of Owens-Corning/
 (OCF MVL)


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

BM -- CL003 -- 2616 09/16/93 10:48 EDT
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Publication:PR Newswire
Date:Sep 16, 1993
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