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): April 17, 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.
On April 17, 1998, Owens Corning (the "company") announced that it is
exploring the possible sale of the Glass Fiber Yarns and Specialty
Materials portion of its Composites Systems Business. With sales of
about $300 million in 1997, the company's yarn business is the world's
second largest producer of glass yarns, and the largest producer of
fine yarns.
Glass fiber yarns are used in a variety of applications, including
laminates for printed circuit boards, reinforcing fabric for
uses including packaging, roofing and facade cladding and filtration media.
The asset sale includes manufacturing facilities in Aiken, SC, and
Huntingdon, Pennsylvania, and affects about 1,500 employees.
Owens Corning also produces some glass fiber yarns at reinforcements
facilities in Battice, Belgium, and Guelph, Ontario, however
those facilities will be retained by the company. The company will also
retain and invest in the glass fiber wet mat manufacturing lines in Aiken
and the continuous filament mat lines in Huntingdon.
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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: April 17, 1998
