OWENS CORNING COMPANY HISTORY TIMELINE 1938 On November 1, 1938, the formation of Owens-Corning Fiberglas Corporation was announced. In 1938 the companies decided it might be better to operate the joint venture as a separate company. In 1938, the company sales reached 2.6 million. 1949 In 1949 the company built it fi rst plant designed specifi cally for the manufacture of insulation. 1952 The company held its initial public off ering on the New York Stock Exchange in 1952. 1955 In 1955, Owens-Corning purchased land for a research and testing facility near Granville, Ohio. Also in 1955, Owens-Corning made the fi rst Fortune 500 company list. 1960 In late 1960 Owens Corning opened its Granville Technical Center in Granville, Ohio, and transferred its research and development operations to the new facility from their previous home in Newark, Ohio. 1965 In 1965, Owens-Corning Fiberglas Europe was formed. 1966 In 1966, Owens-Corning established a partnership with Armstrong Rubber Co. to produce fi berglass-reinforced automobile tires. 1971 By 1971, Owens-Corning’s annual revenue was over 500 million. 1974 In 1974, the company opened a temporary plant to produce insulation for the Trans-Alaska Pipeline System. 1977 In 1977, Owens-Corning acquired Frye Roofi ng and began production of fi berglass mat to replace traditional paper mat used in roofi ng. 1978 In 1978, two shipyard workers fi led a class action lawsuit against which alleged that Owens-Corning and 14 other manufacturers had known about asbestos-containing products. 1980 In 1980 Owens Corning adopted the Pink Panther, the lovable United Artists cartoon character, for use in its advertising campaign for PINK Fiberglas insulation. 1985 In 1985, Owens-Corning acquired Aerospace and Strategic Metals Group in Newport Beach, California for 415 million from Armco Inc. 1986 The color PINK was trademarked through Owens-Corning in 1986, making it the fi rst company to trademark a color. Page 14 1990 By 1990, Owens-Corning was the defendant in about 84,500 asbestos-related lawsuits. 1992 Established by then-Chairman and CEO Glen Hiner in 1992, Owens Corning’s Core Values make up the framework on which the company’s strategy is based. 1993 In June 1993 the company unveiled PINKPLUS, a new polyethylene encapsulated glass fi ber insulation product for the residential market. The company opened an Asia Pacifi c division in 1993. 1994 In May 1994, Owens-Corning acquired UC Industries, which produced Foamular polystyrene insulation, as a wholly owned subsidiary. 1996 In 1996, the company changed its name to Owens Corning. 1997 In May 1997, Owens Corning acquired Fibreboard Corporation, a vinyl siding and other industrial material manufacturer, which became a wholly owned subsidiary of Owens Corning. The company was ordered to pay 5 million to an asbestos victim in 1997, making it the highest jury verdict in the history of the United States for a single non-malignant asbestos case. 1999 In 1999 Owens Corning posted a profi t of 270 million on revenue of slightly more than 5 billion. To meet its payments to NSP, Owens Corning was forced in 1999 to sell off some of its assets to raise cash. 2001 macintosh, julie. asbestos worries snare wider range of u.s. fi rms. reuters business report, 12 december 2001. Offi cers Michael H. Thaman, Chmn. and CFO, 36, 2001 base salary 425,000 David T. Brown, Pres. and CEO, 52, 2001 base salary 400,000. The former accounted for roughly 83 percent of the company’s total sales in 2001, with the remainder being generated by Composite Solutions. 2002 Security analysts estimated that the cost of the remaining asbestos liability in January 2002 ranged from 20 billion to as high as 200 billion. Owens Corning narrowed its net loss in the fi rst quarter of 2002, reporting a shortfall of 6 million, compared with a loss of 10 million in the same quarter the previous year. business summary owens corning. multex investor, 2002. available at http www.marketguide.com. 2011 Owens Corning partnered with DuPont in 2011 to create a steel and foam energy reduction SAFER barrier around auto racetracks.
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