SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 1, 1997.
OWENS CORNING
(Exact name of registrant as specified in its charter)
Delaware 1-3660 34-4323452
(State or other (Commission File Number) (IRS Employer
jurisdiction Identification No.)
of incorporation)
One Owens Corning Parkway 43659
Toledo, Ohio (Zip Code)
(Address of principal executive offices)
(419) 248-8000
(Registrant's telephone number, including area code)
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Item 5. Other Events.
(a) On October 1, 1997, Owens Corning (the "Company") acquired
substantially all of the assets, properties and business of AmeriMark
Building Products, Inc., Wolverine Coil Coating, Inc. and RBP, Inc.
(collectively, "AmeriMark") pursuant to an asset purchase agreement
among the Company and AmeriMark. The press release of the Company
relating to the acquisition is attached hereto as an exhibit and is
incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits
(c) Exhibits
The exhibits accompanying this report are listed in the
accompanying Exhibit Index.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
OWENS CORNING
Registrant
By: /s/ David W. Devonshire
David W. Devonshire
Senior Vice President and
Chief Financial Officer
Dated: October 2, 1997
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EXHIBIT INDEX
The following exhibits are filed herewith as noted below.
Exhibit No. Exhibit
99(a) Press Release of Owens Corning dated October 2, 1997.
Contact: William K. Hamilton Rhonda L. Brooks
Media Relations Investor Relations
419/248-6190 419/248-8485
Owens Corning Announces Close of AmeriMark Acquisition
TOLEDO, Ohio; October 2, 1997 - Owens Corning (NYSE/TSE:OWC)
announced today that it has completed the purchase of the
assets of AmeriMark Building Products, Inc., a specialty
building products company serving the exterior residential
housing industry. The transaction, announced on July 29,
will be financed by GE Capital Services, which was the
principal financial backer of AmeriMark.
The acquisition was completed for a purchase price of $309
million in convertible securities, plus an adjustment for
changes in net working capital. The securities will be
treated as minority interest on the company's balance sheet.
As previously announced, Owens Corning will also sell non-
strategic assets estimated to raise approximately $200
million in proceeds.
"The AmeriMark asset acquisition, combined with the
acquisition of Fibreboard Corporation, gives Owens Corning
the leading position in the vinyl siding market," said Owens
Corning Chairman and CEO Glen H. Hiner. "These acquisitions
diversify our business into the fast-growing markets,
products and systems that support our System Thinking
strategy for the exterior of the home. These new businesses
will account for over $1 billion of our sales in 1998."
"This acquisition also provides broad distribution
capabilities through AmeriMark's company-owned distribution
centers, retail channels and independent distribution, as
well as the ability to sell under private label. These
strengths will provide additional synergies with Owens
Corning's traditional market channels and the Norandex
distribution network."
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Headquartered in Toledo, Ohio, Owens Corning is a world
leader in high performance glass fiber composites and
building materials with sales in 1996 of $3.8 billion. The
company employs 22,000 people in more than 30 countries.
The company's internet website can be found at
http://www.owenscorning.com.
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