Owens Corning is a world leader in insulation, roofing, siding, acoustics & composites used for buildings and homes.
The company is best known for its Pink Fiber Glass Insulation used inside walls of homes for protection from heat loss. The Pink Panther cartoon character is the company mascot and used in advertisements.
Owens Corning materials can be found in a host of products and equipment like cars, computers, optic fiber cables, pipes and bridges, hockey sticks and tennis rackets.
Owens Corning is currently in Chapter 11 bankruptcy as it result of asbestos litigation against the company. A federal court ruled earlier this year that the company would liable for $7 billion in damages for asbestos exposure.
For 2004, the company reported revenues of $5.65 billion, an increase of 14% from the year before. Net income was $204 million.
In 1935, realizing the potential growth of the glass fiber insulation market, Corning Glass, which had briefly experimented with glass fiber manufacturing in the 1920's, approached Owens-Illinois with a proposal to join forces in the production of glass fiber.
Recognizing the benefits of Corning's knowledge of glass formulations, Owens-Illinois agreed to the proposal, and the two companies decided to share the costs of glass fiber developments.
In 1938, experimental costs prompted Corning Glass and Owens-Illinois to consider spinning off the joint venture as a separate company.
On Nov. 1, 1938, Owens-Corning Fiberglas Corporation was announced and by the end of 1938, the company reported sales of $2,555,000, and 632 employees. Owens Corning and the Duplate Safety Glass Company established Fiberglas Canada in 1939, launching Owens-Corning into the international market, with each founding company owning a 50 percent share. Owens Corning would later own the entire Fiberglas Canada Operation.
Owens Corning became publicly traded on the New York Stock Exchange in 1952, with shares being distributed equally among Owens-Illinois, Corning Glass and public ownership. Over the succeeding years, both Owens-Illinois and Corning Glass would sell their shares, which would become largely owned by institutional investors.
The Pink Panther, a much-loved cartoon character, entered the scene as Owens Corning's corporate mascot on Aug. 15, 1980, to promote the sales of PINK Fiberglas insulation.
On Jan. 2, 1996, Owens-Corning Fiberglas Corporation changed its name to Owens Corning. The name change completed a transition begun in 1992 with the new corporate logo to reflect that Owens Corning is constantly growing in scope and technology.
On Oct. 5, 2000, Owens Corning voluntarily filed for reorganization under Chapter 11 of the US bankruptcy code, to address the growing demands on its cash flow resulting from multi-billion dollar asbestos liability.
Owens Corning offers a range of health care choices. These choices include Medical, Dental and Vision plans as well as the Health Care and Dependent Care Spending Accounts.
The company provides each employee with Basic Life Insurance. Employees have an option of purchasing additional coverage through our Voluntary Benefit Program which features Group Universal Life, Critical Illness, Auto / Home, Personal Accident and Long Term Care Insurance. Additionally, the company provides both Short Term and Long Term Disability protection when unexpected accidents and serious health conditions occur.
Owens Corning offers a 401(k) Savings Plan with a company provided match. Employees can contribute 1% - 50% of pay on a pre-tax or post-tax basis. The company will match 100% on any amount contributed up to 5% of eligible pay. You are immediately vested in this plan.
In addition to the 401(k) Savings Plan, each month benefits are earned under the Cash Balance Pension Plan. These benefits are calculated based on 4% of your eligible pay and interest credits are earned each month. Full vesting in the plan occurs after five years of service.
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Updated November 1, 2005