Owens Corning Names Dick Lantz President of its Composite Solutions Business

Toledo, Ohio, November 26, 2001 - Owens Corning announced today that Dick Lantz has been named president of the company’s global Composite Solutions business, a new operating unit that combines Owens Corning’s Roofing Solutions and Composite Solutions businesses and accounts for more than 25 percent of the company’s sales.

“This integration will enable us to take advantage of our capabilities and technologies in both businesses to provide more value-added systems and solutions to our customers,” said Dave Brown, Owens Corning’s chief operating officer. “Dick’s experience and dedication to customer service will be integral to the continued success of this business in a very competitive global marketplace.”

Mr. Lantz succeeds Heinz-J. Otto who has led the Composite Systems business since 1996. Mr. Otto has decided to further his career outside of Owens Corning.

“Heinz has led our one truly global business for five years,” said Mr. Brown. “He and his team have generated consistent, positive results even in an uncertain global economy. We will miss his leadership and commitment to the business and composites industry, and wish him the best for the future,” he said.

In this new role, Mr. Lantz will lead a combined business unit with approximately $1.4 billion in annual sales.

“There are some natural synergies in this combination,” said Mr. Lantz. “These operations have traditionally served some of the same customers and we will now have the ability to increase the value we can offer them through enhanced product offerings and service capabilities.

“Both of these businesses are industry leaders in technology and customer service. This is an exciting opportunity to leverage areas of technological expertise to develop new systems and solutions for a number of new global markets,” Mr. Lantz said.

Mr. Lantz joined Owens Corning as a sales representative in 1974, and has held numerous leadership positions within the company including vice president of marketing, Roofing and Asphalt; business development manager, Roofing and Asphalt; manager of Roofing Systems and Field Technical Services; and market development manager of Commercial Roofing Systems.

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In 1996, he was named vice president, marketing and sales support, Builidng Materials Sales and Distribution – North America. In 1997, he was named vice president, marketing, Insulation Division. In 1998, Mr. Lantz was named president, System Thinking Sales and Distribution. Last year, he was named president of the Roofing Solutions business.

Mr. Lantz is a 1974 graduate of Indiana University. He is a member of the Corporate Executive Board Sales Executive Council as well as the Dean’s Advisory Council for the Kelley School of Business at Indiana University.

Mr. Otto joined Owens Corning in 1996 corporate vice president and president, Composite Systems Business. Prior to coming to Owens Corning, he served as a member of the executive board and head of the European region at Swiss-based Landis and Gyr, where he played a key role in the company’s culture change program. Prior to that, he participated in key management functions at the General Electric Company.