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): July 31, 1998.
OWENS CORNING
(Exact name of registrant as specified in its charter)
Delaware 1-3660 34-4323452
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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) July 31, 1998 Press Release: On July 31, 1998, Owens Corning
(the "Company") issued the Press Release attached hereto as Exhibit 99.
Such press release is incorporated herein by this reference.
(b) 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/ Domenico Cecere
Domenico Cecere
Senior Vice President and
Chief Financial Officer
Dated: August 4, 1998
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EXHIBIT INDEX
The following exhibits are filed herewith as noted below.
Exhibit No. Exhibit
99 Press Release of Owens Corning dated August 4, 1998.
Exhibit 99
Owens Corning, Groupe Porcher Industries Announce Plans to
Form Joint Venture For Yarns and Specialty Materials
On July 31, 1998, Owens Corning announced the formation of a
new joint venture, which will acquire the Company's yarns and
specialty materials business. The joint venture partner in
the new company is Groupe Porcher Industries, Badinieres,
France.
Owens Corning will receive approximately $550MM in cash and
will continue to participate as a 49% partner in the new
entity.
Owens Corning has been evaluating the disposition of its yarn
business, electing the joint venture route as the best value
for the company and its shareholders.
While Owens Corning has transferred certain proprietary
technology to the venture, this joint venture structure will
permit Owens Corning to protect both its yarns technology and
its aligned composites business intellectual property. The
ability to safeguard Owens Corning's intellectual property
and to continue to participate in the yarns market were
significant factors in the decision.
The joint venture agreements were signed on July 31, 1998.
Closing of the transaction is anticipated on or before
September 30, 1998.
