07 August, 2020
Owens Corning Introduces FOAMULAR® NGX Insulation
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Innovative blowing agent blend delivers 90% reduction in Global Warming Potential Owens Corning (NYSE: OC) today announced a new product line: FOAMULAR® NGX (Next Generation Extruded). The proprietary blowing agent in this new line of extruded polystyrene (XPS) foam products delivers a 90% reduction in global warming potential (GWP) without sacrificing product performance. “Architects, engineers and contractors are looking for products that help them achieve their sustainability goals and deliver the performance they need,” said Jose Manuel Canovas, General Manager, North America, XPS Foam. “The investment in developing a product that meets and exceeds the stringent regulations going into effect next year reflects Owens Corning’s commitment to offering smart building materials that merge the highest levels of performance and sustainability.” This latest addition to the company’s Insulation portfolio is Underwriters Laboratory (UL) Listed and Factory Mutual (FM) Approved, with a low
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06 August, 2020
Owens Corning Names Kenneth Parks Chief Financial Officer
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Owens Corning (NYSE: OC) announced today the appointment of Kenneth Parks as Senior Vice President and Chief Financial Officer, effective September 8, 2020. Mr. Parks will join Owens Corning from Mylan, an $11 billion global generic and specialty pharmaceuticals company, where he served for four years as CFO. “Ken is a seasoned CFO with a proven track record of leading high-performing teams and delivering results at several diverse global organizations. He will be a strong partner and significant contributor to achieving our company’s operating priorities and long-term strategy,” said Brian Chambers, Chairman and Chief Executive Officer. “I also want to thank Prith Gandhi for serving as our interim CFO. I appreciate his leadership, which has helped guide us through a challenging period.” With 35 years of experience encompassing several financial leadership roles, Mr. Parks brings to Owens Corning broad global expertise with deep functional experience and technical knowledge. As CFO of
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29 July, 2020
Owens Corning Reports Second-Quarter 2020 Results
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Company Delivered Net Sales of $1.6 Billion Company delivered solid quarterly results in a challenging environment Roofing produced $148 million of EBIT on strong shingle demand Insulation delivered $32 million of EBIT on recovering new residential construction Composites generated $6 million of EBIT on disciplined cost control Continued strong operating cash flow of $281 million; total liquidity increased to about $1.5 billion Owens Corning (NYSE: OC) today reported consolidated net sales of $1.6 billion in second-quarter 2020, compared with $1.9 billion in second-quarter 2019, a decrease of 15%. Second-quarter 2020 net earnings attributable to Owens Corning were $96 million, or $0.88 per diluted share, compared with $138 million, or $1.26 per diluted share, in second-quarter 2019. Second-quarter 2020 adjusted earnings were $96 million, or $0.88 per diluted share, compared with $141 million, or $1.29 per diluted share, during the same period one year ago. Second-quarter 2020 adjusted
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