Owens Corning and Jinniu Fiberglass Announce Supply Alliance
-- Owens Corning invests technology expertise; Jinniu provides existing manufacturing capacity
-- Alliance represents capital-efficient supply arrangement
-- Companies to focus on reliable supply of customized, environmentally sustainable glass fibers
SHANGHAI, June 24, 2013 /PRNewswire/ -- Owens Corning (NYSE: OC), a global producer of glass fiber reinforcements for composite systems and residential and commercial building materials, has announced a manufacturing supply alliance with Xingtai Jinniu Fiberglass Company.
The supply alliance will utilize Jinniu's existing glass fiber furnace capacity in China to provide a reliable supply of customized boron-free glass fiber reinforcements. The alliance will leverage Owens Corning's technology expertise for environmentally sustainable manufacturing. Both companies will continue to operate as separate commercial entities.
"This supply alliance is an example of two companies working creatively to serve glass fiber customers in the high growth China market with a capital-efficient solution," said Arnaud Genis, Owens Corning Group President, Composites Solutions. "By utilizing Owens Corning's advanced technology expertise, and Jinniu's manufacturing capacity, we will continue to meet the market's present and future needs for boron-free glass fiber reinforcements in China."
"Jinniu and Owens Corning have agreed to complement each other's strengths, which will provide a good foundation for sustainable development for both companies," said Qi Zemin, general manager of Jizhong Energy Resources Co., Ltd, the parent company of Xingtai Jinniu Fiberglass Company. "This is also a creative step to explore new models of development for China glass fiber companies."
About Owens Corning
Owens Corning is a global producer of glass fiber reinforcements and engineered materials for composite systems and residential and commercial building materials. A Fortune 500 company for 59 consecutive years, Owens Corning is committed to driving sustainability through delivering solutions, transforming markets and enhancing lives. Celebrating its 75th anniversary, Owens Corning had sales of $5.2 billion in 2012 and employs 15,000 employees in 27 countries on five continents. The Owens Corning Composite Solutions Business delivers a broad range of reinforcement products that provide lightweight alternatives to steel, wood and aluminum, thereby reducing weight and improving energy efficiency. Additional information is available at www.owenscorning.com.
About Jinniu Fiberglass
Xingtai Jinniu Fiberglass Co., Ltd., (JNFG) is a wholly-owned subsidiary of Jizhong Energy Resources Co., Ltd, a large energy company which focuses on coal production and integrates businesses of coal, building materials, electricity and chemical. Jizhong Energy Resources Co., Ltd entered fiberglass business in 2002 and has conducted its business with commitment to ethics and compliance with laws. The company cares for its social impact and has maintained a good reputation in the market.
Owens Corning Investor Relations News.
SOURCE Owens Corning