The building materials and high-performance composite company Owens Corning of the US, which very recently opened its Asean regional office in Singapore, plans to double its Asia-Pacific sales this ye…
The building materials and high-performance composite company Owens Corning of the US, which very recently opened its Asean regional office in Singapore, plans to double its Asia-Pacific sales this year and increase it by 10 times by the year 2001. Last year the company made Asia-Pacific sales of US$ 30 million (S$ 43 million), barely 1% of its total sales of US $3.8 billion. CEO Glen Hiner, the Chairman of the company, said that Owens Corning also plans on establishing a manufacturing presence in the region and it is one of the Singapore office“s tasks to finalise the details. The company is aiming towards achieving its goal of reaching total sales of US$ 5 billion by 1999, with 35 % generated outside the US. Sales in the Asia-Pacific region are forecast at US$ 500 million by the turn of the century. Thomas Dorger, Managing Director, building materials, of Owens Corning (Singapore), said Singapore will be the base for the company“s Asean composites business, which has been identified as a growth industry for the region. He added that the establishment of the Singapore office will enable the company to gain a foothold in the region“s booming construction industry.