American Owens-Corning, world leader in technical glass and composite materials, recorded a 32% increased net profit of US$ 70 million for the third quarter of 1995. Turnover was US$ 936 million compa…
American Owens-Corning, world leader in technical glass and composite materials, recorded a 32% increased net profit of US$ 70 million for the third quarter of 1995. Turnover was US$ 936 million compared with US$ 927 million for the same period in 1994. Net profit and turnover in composites increased 57% and 4% respectively, whereas net profit and turnover in construction materials decreased 3% and 18% respectively. Owens-Corning net profit for the nine months to September 1995 increased 42% to US$ 165 million with turnover increasing 7% to US$ 2,648 million. The company“s debt level for the end of 1995 was about US$ 800 million. The group has a turnover target of US$ 5 billion for the year 2000. The insulation materials plant at Guangzhou in China started production in the last three months of 1995. Recent acquisitions include Falcon Manufacturing, a firm specialising in insulation materials. The company has also started on the first phase of a US$ 105 million investment programme to increase its overall glass fibres capacity by 135,000 tonnes a year. Work is already in progress on increasing capacity by 20,000 tonnes a year at Rio Claro in Brazil and by 25,000 tonnes a year at Kimchon in South Korea. Capacity at seven plants in Europe and North America is to be increased by 1998. Capacities will be increased at US plants in Tennessee, South Carolina, Texas, and at Guelph in Ontario, Canada. Additional capacity of 35,000 tonnes a year is envisaged for plants in western Europe. A non-binding letter of intent with Owens-Corning Fiberglass Corp. has been signed by UK-based NGF Europe Ltd. to purchase the US firm“s rubber reinforcement business, located in Ontario, Canada. The facility produces glass fibre reinforcements that are impregnated with rubber and used in the production of hoses, tyres and belting. NGF Europe already produces these materials in the UK, with output primarily being used for timing and synchronous drive belts. The deal gives NGF Europe the chance to enter the North American market. It also has production facilities in Japan. Owens-Corning, which will concentrate on its core activities of advanced composites, will continue to supply NGF Europe with glass fibre. Furthermore, the American firm is to produce glass reinforcement fibres through a joint venture with Indian company Mahindra. It is to build a 30,000 tonnes/year production plant at Taloja, India, whose capacity could easily be expanded to 90,000 tonnes/year. The project involves an investment of US$ 100 million with the plant scheduled to open in 1998. Around 25% of output from the plant will be sold on the Indian market with the rest being sold mainly in South East Asia and the Middle East. Owens-Corning also announced the opening of an applications development centre in Bangalore, India during 1996. The composite materials market is growing by 5% a year in the US and Western Europe and by over 10% a year in Asia and the Pacific. The group“s insulation materials plant at Guangzhou in China started production in the third quarter of 1995, while recent acquisitions include Falcon Manufacturing, specialising in PS insulation materials.American Owens-Corning, world leader in technical glass and composite materials, recorded a 32% increased net profit of US$ 70 million for the third quarter of 1995. Turnover was US$ 936 million compared with US$ 927 million for the same period in 1994. Net profit and turnover in composites increased 57% and 4% respectively, whereas net profit and turnover in construction materials decreased 3% and 18% respectively. Owens-Corning net profit for the nine months to September 1995 increased 42% to US$ 165 million with turnover increasing 7% to US$ 2,648 million. The company“s debt level for the end of 1995 was about US$ 800 million. The group has a turnover target of US$ 5 billion for the year 2000. The insulation materials plant at Guangzhou in China started production in the last three months of 1995. Recent acquisitions include Falcon Manufacturing, a firm specialising in insulation materials. The company has also started on the first phase of a US$ 105 million investment programme to increase its overall glass fibres capacity by 135,000 tonnes a year. Work is already in progress on increasing capacity by 20,000 tonnes a year at Rio Claro in Brazil and by 25,000 tonnes a year at Kimchon in South Korea. Capacity at seven plants in Europe and North America is to be increased by 1998. Capacities will be increased at US plants in Tennessee, South Carolina, Texas, and at Guelph in Ontario, Canada. Additional capacity of 35,000 tonnes a year is envisaged for plants in western Europe. A non-binding letter of intent with Owens-Corning Fiberglass Corp. has been signed by UK-based NGF Europe Ltd. to purchase the US firm“s rubber reinforcement business, located in Ontario, Canada. The facility produces glass fibre reinforcements that are impregnated with rubber and used in the production of hoses, tyres and belting. NGF Europe already produces these materials in the UK, with output primarily being used for timing and synchronous drive belts. The deal gives NGF Europe the chance to enter the North American market. It also has production facilities in Japan. Owens-Corning, which will concentrate on its core activities of advanced composites, will continue to supply NGF Europe with glass fibre. Furthermore, the American firm is to produce glass reinforcement fibres through a joint venture with Indian company Mahindra. It is to build a 30,000 tonnes/year production plant at Taloja, India, whose capacity could easily be expanded to 90,000 tonnes/year. The project involves an investment of US$ 100 million with the plant scheduled to open in 1998. Around 25% of output from the plant will be sold on the Indian market with the rest being sold mainly in South East Asia and the Middle East. Owens-Corning also announced the opening of an applications development centre in Bangalore, India during 1996. The composite materials market is growing by 5% a year in the US and Western Europe and by over 10% a year in Asia and the Pacific. The group“s insulation materials plant at Guangzhou in China started production in the third quarter of 1995, while recent acquisitions include Falcon Manufacturing, specialising in PS insulation materials.