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Owens Corning (NYSE: OC) | Company Profile, History, Competitors

 

Owens Corning (NYSE: OC) is a building products company that sells roofing, insulation and composites. It was founded in 1938 and headquartered in Toledo, OH.

Owens Corning was founded in 1938 as a joint venture between Owens-Illinois and Corning Glass. In the 1990s, Owens Corning faced asbestos-related claim, filed for bankruptcy, and reemerged in 2006. Owens Corning manufactures roofing products including residential shingles, asphalt materials, fiberglass insulation and glass fiber reinforcements.

Business Overview

Owens Corning operates in three main segments:
  • Roofing and Asphalt (39% of 2017 Revenues): Manufactures residential shingles and commercial roofing applications, asphalt materials and roofing accessories.
  • Insulating Systems (30% of 2017 Revenues): Manufactures complete fiberglass insulation systems for residential and commercial applications.
  • Composites (31% of 2017 Revenues): Manufactures glass fiber reinforcements and downstream products.

Segment: Roofing and Asphalt

Owens Corning sells asphalt roofing shingles which comprise of an integrated roofing system. Owens Corning has a vertically integrated supply chain by owning the largest asphalt network in the industry and sourcing glass mats from its Composites segment.

Segment: Insulating Systems

Owens Corning manufactures fiberglass insulation through its trademark brand Pink Panther. Insulation manufacturing is a capital process involving a lot of constant heat and replacement of plants every dozen years. Owens Corning has over 40% market share in insulation in the US market.[1]

Segment: Composites

Owens Corning sells fiberglass reinforcements which are used in many end-markets including housing, energy, water distribution, transportation and aerospace/defense. Owens Corning provides a full array of fiberglass reinforcements combined with downstream products such as technical fabrics and specialty glass mats.

Competition

Competitors in Roofing are GAF-Elk, Certaineed and TAMKO. Competitors in Insulation are Certainteed, Johns Manville and Knauf. Competitors in Composites are China Fiberglass, Chongqing Polycom, PPG Industries and Taishan Glass Fiber.

History

Owens Corning was founded in 1938 as a joint venture between Owens-Illinois and Corning Glass. In the 1990s, Owens Corning faced asbestos-related claim and filed for bankruptcy in 2000. Owens Corning emerged from bankruptcy in 2006.

Management

Michael H. Thaman (CEO): Michael Thaman serves as CEO since 2007. Prior, he held various positions at Owens Corning including CFO, President Exterior Systems Business and President Engineered Pipe Systems.

Michael C. McMurray (CFO): Michael McMurray serves as CFO since 2012. Prior, he held various positions at Owens Corning including VP Finance of Building Materials and Treasurer of VP Investor Relations.

Financials

 $ USD in millions     2013     2014  2015  2016  2017
 Revenues  $5,295 
$5,260 
$5,350 
$5,677 
$6,384 
 Gross Profit  $966 
$976 
 $1,153 
 $1,419 
 $1,597 
 Operating Profit  $385 
$371 
 $548 
 $699 
 $737 
 Net Income $204  $205 
$330 
 $393 
 $289 
 EPS $1.71 
$1.91 
$2.79 
$3.41 
$2.55 

Owens Corning, Inc.
 
  Type     Public
  Ticker     NYSE: OC
  Industry Homebuilding
  Founded 1938
  Headquarters Toledo, OH
  Revenues
$6.4bn (2017)
  Employees 17,000 (2017)
  Website owenscorning.com