SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Fiscal Year Ended December 31, 1996
Commission File No. 1-3660
Owens Corning
One Owens Corning Parkway
Toledo, Ohio 43659
Area Code (419) 248-8000
A Delaware Corporation
I.R.S. Employer Identification No. 34-4323452
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Name of Each Exchange on
Which Registered
Common Stock - $.10 Par Value New York Stock Exchange
Rights to Purchase Series A New York Stock Exchange
Participating Preferred
Stock, no par value, of the
Registrant
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes / X / No / /
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained
herein, and will not be contained, to the best of
Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ X ]
At February 19, 1997, the aggregate market value of
Registrant's $.10 par value common stock (Registrant's
voting stock) held by non-affiliates was $2,297,658,153,
assuming for purposes of this computation only that all
directors and executive officers are considered affiliates.
At February 19, 1997, there were outstanding 52,769,579
shares of Registrant's $.10 par value common stock.
Parts of Registrant's definitive 1997 proxy statement filed
or to be filed pursuant to Regulation 14A (the "1997 Proxy
Statement") are incorporated by reference into Part III of
this Form 10-K.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
SEC form 10-K and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<CASH> 45
<SECURITIES> 0
<RECEIVABLES> 331
<ALLOWANCES> 17
<INVENTORY> 340
<CURRENT-ASSETS> 958
<PP&E> 3,341
<DEPRECIATION> 1,819
<TOTAL-ASSETS> 3,913
<CURRENT-LIABILITIES> 1,121
<BONDS> 818
<COMMON> 606
0
0
<OTHER-SE> (1,090)
<TOTAL-LIABILITY-AND-EQUITY> 3,913
<SALES> 3,832
<TOTAL-REVENUES> 3,832
<CGS> 2,834
<TOTAL-COSTS> 2,834
<OTHER-EXPENSES> (1)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 77
<INCOME-PRETAX> (581)
<INCOME-TAX> (288)
<INCOME-CONTINUING> (284)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (284)
<EPS-PRIMARY> (5.54)<F1>
<EPS-DILUTED> (5.54)<F2>
<FN>
<F1> Represents basic earnings per share as defined in FASB Statement No. 128.
<F2> Represents diluted earnings per share as defined in FASB Statement No. 128.
</FN>
</TABLE>
