US company Owens-Corning, a world leader in technical glass and composite materials, has announced its results for 1995. Turnover rose by 8% to US$ 3.6 billion while net profits increased to US$ 231 m…
US company Owens-Corning, a world leader in technical glass and composite materials, has announced its results for 1995. Turnover rose by 8% to US$ 3.6 billion while net profits increased to US$ 231 million. The improved results were attributed to a favourable currency situation in Europe together with strong demand worldwide, in addition to volume and pricing gains. European sales were up 29%, with European profit up 900% to US$ 64 million compared with a 1994 loss of US$ 8 million. US profits were up 25% and US sales up 2.5%. By the year 2000, the US company, which has a workforce of 17,000 in over 30 countries, plans to increase its turnover to US$ 5 billion per year. Owens-Corning“s current projects include a further expansion of the range of building products; start-up of production at two facilities in China with a third facility in the planning stage; and further investment in textile fibres. Owens-Corning plans to increase production of textile fibres by 30% over the next 2 years.