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Owens Corning to shed units
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April 17, 1998: 10:59 a.m. ET
Glass fiber maker considers sale of two divisions, cutting 1,500 jobs
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NEW YORK (CNNfn) - Owens Corning said Friday it is exploring the sale of two more divisions under its previously announced plans to shed non-core business units and keep costs competitive, a move that would reduce headcount by another 1,500 workers.
The Toledo, Ohio-based maker of glass fiber composites retained SBC Warburg Dillon Read Inc. to advise the company on the sale of its $300 million glass fiber yarn division and the specialty materials portion of its composites systems business.
The asset sale includes manufacturing facilities in Aiken, S.C., and Huntingdon, Pa.
"The sale of this business is part of our strategy, announced in the third quarter of 1997, to divest certain assets to pay down debt," said Glen H. Hiner, Owens Corning chairman and chief executive officer.
Owens Corning (OWC) is the world's second-largest producer of glass yarns and the largest producer of fine yarns.
The products are used in such applications as laminates for circuit boards and reinforcing fabric for packaging and roofing.
Under its restructuring plans, Owens Corning slashed 1,900 jobs, or 8 percent of its workforce, by the end of the first quarter.
The company had 1997 sales of $4.4 billion, and expects more than $5 billion in sales in 1998. 
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Owens Corning
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