Owens Corning (NYSE: OC) has announced plans to invest $110 million to expand capacity at its Composites operations in India. The investment will support the growing India glass fiber market through the installation of a state-of-the-art 80,000-ton glass melter at the Company's existing facility in Taloja, India. The new melter is expected to begin start-up operations in early 2018.
'Owens Corning is the industry leader in the growing glass fiber market in India,' said Arnaud Genis, Composite Solutions Business President. 'This substantial investment in our Indian business demonstrates our confidence in the strength of the composites market and our continued commitment to our composites customers in both India and globally to meet the increasing demand for innovative glass fiber products.'
The glass fiber market in India has grown at double-digit rates over the past decade and has operated at high levels of capacity utilization for the past three years.
Marcio A. Sandri, Vice President and Managing Director - Glass Reinforcements, stated, 'Expanding our existing operations in India positions Owens Corning well to continue to benefit from a low-delivered cost platform while supporting growth in this region and worldwide. Additionally, this facility will leverage the newest technologies Owens Corning has developed to enable greater competitiveness in the market and deliver industry-leading products.'
About Owens Corning
Owens Corning (NYSE: OC) develops, manufactures and markets insulation, roofing, and fiberglass composites. Global in scope and human in scale, the company's market-leading businesses use their deep expertise in materials, manufacturing and building science to develop products and systems that save energy and improve comfort in commercial and residential buildings. Through its glass reinforcements business, the company makes thousands of products lighter, stronger and more durable. Ultimately, Owens Corning people and products make the world a better place. Based in Toledo, Ohio, Owens Corning posted 2015 sales of $5.4 billion and employs about 16,000 people in 25 countries. It has been a Fortune 500 company for 62 consecutive years. For more information, please visit www.owenscorning.com.