Owens Corning and SP Systems Announce Strategic Alliance to Deliver High Performance Composites for the Automotive Industry

Paris, 28 March, 2001 – The Automotive Solutions Business of Owens Corning and SP Systems today announced the companies will form a strategic alliance to develop and commercialize certain high performance parts for specialty sports vehicles.

The alliance will be called SPRINT Automotive Solutions. This name is based upon SP Systems’ range of unique Sprint materials, which enables composites parts for the automotive industry to be made at an acceptable cost with appropriate finish and reliable production capabilities. The name also incorporates the expertise of OC™ Automotive Solutions in industrializing composite processes and delivering value to OEM and Tier I customers through the rapid introduction of new technology solutions.

Performance and luxury-end car makers are seeking differentiation through the quick adoption of racecar technology into their offerings - the Mercedes SLR with its full composite lower tub and body shell, the new Aston Martin Vanquish with its semi composite chassis structure, and the proposed new Porsche Carrera GT with its composite lower tub structure – all demonstrate that composite parts are increasingly being used on automotive structures.

“This is a smart alliance of two leaders in the composites industry that will bring unprecedented benefits to automotive customers on a global scale,“ said Bill True, vice president, OC™ Automotive Solutions. “This alliance means that Owens Corning and SP Systems will pool resources, skills and technology to ensure the customer will receive on-time delivery of a high-quality finished product.”

True added that Owens Corning is determined to convince the OEMs and Tier 1 suppliers that the choice to use a composite solution is a viable and risk-free alternative to traditional materials anywhere in the world. “The creation of European and Detroit-based business solutions centers will enable Owens Corning to mobilize its global resources to most effectively deliver world-class solutions.” Owens Corning is in the process of developing plans to locate business solutions centers in both Detroit and Europe.

“The dynamics of this alliance,” said Paul Rudling, managing director, SP Systems, “will strengthen the innovative product offerings of both companies.”

True said that this strategic alliance is consistent with the long-term strategy of OC™ Automotive Solutions. “Our automotive business is committed to meeting the needs of leading automotive OEMs by assembling the expertise of the composites industry – from design through manufacturing – to provide a complete composites solution. This approach will improve OEM profitability by allowing for cost-effective mass customization and by accelerating weight and cost reduction programs.”

“This partnership provides SP Systems the opportunity to enter the automotive market with a strong and knowledgeable partner,” Rudling said. “This is an exciting opportunity for both companies.”

Owens Corning and SP Systems are expected to equally participate in this strategic alliance under the leadership of senior executives of both companies.