18 Feb 2004
OWENS CORNING ANNOUNCES MAJOR CAPITAL INVESTMENT TO ADD GLASS FABRIC KNITTING PRODUCTION AT TALOJA INDIA PLANT
Fabrics Key to Supplying Expanding Markets
Toledo, Ohio, U.S.A. February 18, 2004 – Owens Corning announced today that it will add glass fiber knitting capability at the Taloja, India, plant of Owens Corning India Limited (OCIL), a joint venture between Owens Corning, USA and Mahindra & Mahindra, India. The investment adds fabric knitting to the plant’s existing glass roving operations, to supply growing market demand in India and surrounding regions, especially for the wind energy market. India is currently the fifth largest country in the world in terms of installed capacity of wind mills.
“This investment is another step in demonstrating our commitment to the growth of the composites industry as well as the fabrics market, by expanding our ability to make and distribute all facets of fabrics on both a local and worldwide basis,” said Jeff Boersma, vice president and general manager of Owens Corning’s fabrics business.
“As the global leader in the composites industry,” added Owens Corning Composites Business President Chuck Dana, "this investment is a testament to OC's purpose of delivering solutions, transforming markets and enhancing lives. And, it demonstrates our commitment to our customers’ success and their bright future by investing locally in the markets where they do business to offer tailored, low-cost manufacturing platforms."
Satish Kulkarni, Managing Director for OCIL, added that the investment is key for India on a number of fronts. “Our expanded capacity at Taloja will benefit India in terms of economic development and energy conservation -- especially with our country’s current energy situation and the need for continued growth of alternative energy sources like wind energy,” said Kulkarni. “Increasingly, composites solutions are helping transform the lives of people -- especially in India, by offering environmentally friendly cost effective solutions to some of the basic issues like providing clean drinking water, electricity etc.”
OCIL, a four time export award winner from Capexil and a leading foreign exchange earner, specializes in the manufacture of glass fiber reinforcements, which have a wide range of applications
(over 4,000). Products produced at the plant are made from Advantex® glass fibre, a boron-free E glass with significantly improved corrosion resistance over traditional E glass – key in the wind energy market and its many off-shore installations. The Taloja plant has remained 100 percent accident free for last three years, making it a benchmark for OC globally and, with advanced environmental systems and processes, is able to operate without a landfill.
® Advantex is a Registered Trademark of Owens Corning.
Notes for editors
About Owens Corning
Owens Corning is a world leader in building materials systems and composites systems. Founded in 1938, the company had sales of $5 billion in 2003. OCIL is a joint venture between Owens Corning, USA and Mahindra & Mahindra, India (M&M). Additional information is available on Owens Corning’s web site at www.owenscorning.com.