Displaying items by tag: Owens Corning

US: Owens Corning’s net sales of insulation have fallen by 6% year-on-year to US$1.75bn in 2016 from US$1.85bn in the same period in 2015. Earnings before interest and taxation (EBIT) fell by 21% to US$126m from US$160m. The company previously said that it expected negative revenue growth in 2016 due to a contractual dispute with a large residential customer that began early in the second quarter of 2016. In the second half of 2016 it reported stable pricing and market recovery with its residential fibreglass insulation business. Overall, Owens Corning’s sales and EBIT rose across all business lines.

US: Owens Corning has received asthma and allergy friendly certification for its Pure Safety insulation product. It says it is the first such product to earn the certification from the Asthma and Allergy Foundation of America (AAFA). The product has less dust than comparable products and is mould and mildew resistant.

"We saw an opportunity to address the needs of over 70 million people with asthma and allergies. Caring about indoor air quality is just one way Owens Corning is committed to leveraging our building science expertise and insulation systems to create better, more sustainable and more comfortable homes," said Julian Francis, president of insulation, Owens Corning.

The Asthma and Allergy Friendly Certification Program was created in 2016. It is administered by the AAFA and Allergy Standards Limited. The program independently tests and identifies consumer products that are more suitable for those living with asthma and allergies using the Synthetic Home Insulation Products Standard, which addresses a product's effect on indoor air quality and capacity to resist mould growth.

US: Owens Corning’s insulation sales have fallen by 4% year-on-year to US$1.28bn in the first nine months of 2016 from US$1.33bn in the same period in 2015. Its earnings before interest and taxation (EBIT) fell by 7.8% to US$83m from US$90m. The company described the US new residential construction market as ‘competitive’ and said that it expects its insulation revenue in 2016 to drop by 5%. However, it believes that pricing stabilised late in the summer of 2016 and that the mid-term outlook for this business remains unchanged.

Across all businesses, the company reported that its net sales rose by 5.9% to US$4.29bn from US$4.05bn and that its EBIT rose by 37% to US$563m from US$410m. It also mentioned the strong performance of its roofing business in the third quarter of 2016.

US: Owens Corning’s sales revenue has risen by 7% year-on-year to US$2.78bn in the first half of 2016 from US$2.61bn in the same period in 2016. Its net earnings rose by 78% to US$198m from US$111m. However, sales revenue for its insulation business fell by 4% to US$799m from US$830m. No reason for the decline in insulation revenue was given, but the company expects slightly negative revenue growth and relatively flat margins to continue for the full year.

UAE: Unigulf Group has helped the Arabian Fiberglass Insulation Company (AFICO) to gain certification from the Dubai Civil Defence (DCD) for its complete range of fibreglass products. The certification now offers AFICO access for its products to a wider range of contractors, according to TradeArabia.

"We worked closely with AFICO towards acquiring the DCD certificate for its entire range of insulation and acoustic products," said Prakash Chablani, the managing director of Unigulf Group. "At a time when the DCD is tightening the fire safety guidelines in the Emirate, the approval reinforces the need to conform with rules and regulations.”

AFICO is a joint venture with US-based Owens Corning and a member of Gulf Insulation Group under Zamil Industrial Company. Established in 1981 with operations in Dammam, Saudi Arabia the company is now one of the single largest manufacturers of fibreglass insulation in the region.

The DCD certification process includes a range of quality control tests and inspections of production plants as well as consistent testing of products. It also includes technical product tests conducted by third-party laboratories and inspections to test factory safety procedures and to evaluate the knowledge and skills of the technicians involved in the manufacturing process.

US: Owens Cornings has reported that net sales for its insulation business rose by 6% year-on-year to US$1.85bn in 2015 from US$1.75bn in 2014. Its earnings before interest and taxation (EBIT) rose by 48% to US$160m from US$108m.

Overall, the roofing, insulation and composites manufacturer saw its net sales rise slightly to US$5.35bn in 2015 from US$5.26bn in 2014. Net earnings rose by 46% to US$334m from US$228m.

“Strong operational and commercial execution drove significant earnings growth in all three of our businesses, resulting in the best year of earnings growth in the history of our company,” said Chairman and Chief Executive Officer Mike Thaman.

For its insulation business, the company expects revenue growth and margin expansion to be weaker in 2016 than 2015. It noted that its prospects are dependent upon the progression of pricing and volume in the US residential new construction market.

Canada: An Owens Corning fiberglass insulation plant in Edmonton has been ordered to monitor its emissions following a fire in early January 2016. The fire on 4 January 2016 damaged the plant's secondary air scrubber on its insulation batting production line.

Without the second scrubber the plant is contravening its Environmental Protection and Enhancement Act approval. A remedial solution to replace the curing oven's secondary air scrubber could take more than six months to implement.

As part of an enforcement order Owens Corning must monitor and notify Alberta Environment and Parks of any significant deviation from normal performance of the primary air emission scrubber on the curing oven. If the plant exceeds any air emission limits then production must immediately stop. Additional monitoring on the curing oven stack, including manual stack surveys, and an approved ambient air-monitoring plan are also required.

US: US developer Invenergy has signed a 125MW wind power purchase agreement with Owens Corning. When completed, Invenergy's Wake Wind facility in Texas will provide Owens Corning with power sufficient to supply 32,000 homes each year. Invenergy will also help Owens Corning support the wind power industry, a market to which the company supplies glass fibre reinforcements.

"Owens Corning has a long history of delivering energy-efficiency improvements through our products and in our operations," said Owens Corning Chief Sustainability Officer Frank O"Brien-Bernini. "Our ambitious and impactful greenhouse gas reduction goal is being made more achievable by collaborating with great partners, like Invenergy, to execute large scale wind energy agreements like this."

"Over the last few years there has been a seismic shift in the way corporate customers like Owens Corning have thought about the value proposition of renewable energy. Not only is it good for the environment, it's good for the bottom line," said Invenergy's Sales and Marketing Lead Craig Gordon. "By acting now, these customers are taking advantage of extremely competitive long-term wind energy pricing, as well as facilitating the transition to a sustainable and clean energy economy."

US: Owens Corning has announced more ambitious sustainability goals to reduce greenhouse gas and toxic air emissions, along with new renewable power initiatives that will continue to expand the company's impact through sustainability.

"Owens Corning has a history of promoting energy efficiency through our products, our suppliers and our operations," said Chairman and CEO Mike Thaman. "Today's announcements reflect a continuation of our company's history of being a good steward of the environment."

Owens Corning will execute power supply agreements of newly-installed capacity that reportedly represent the largest wind power agreements reported by an industrial company in the world. It will also dedicate a 2.4MW solar canopy at its headquarters in Toledo that is expected to supply approximately 30% of the facility's electricity needs and offset the equivalent greenhouse gases emitted from the commute of its local workforce. Finally, it is establishing new 2020 sustainability goals to reduce greenhouse gas intensity by 50% and toxic air emissions intensity by 75% from its 2010 baseline.

"Our new sustainability goals are ambitious and impactful. Importantly, they are made more achievable by these large scale renewable energy actions and by partnering with leading providers of solar photovoltaic systems to continue our leadership in this area," said Vice President and Chief Sustainability Officer Frank O'Brien-Bernini. He said that the wind energy deal will generate the equivalent electricity to power more than 65,000 US homes and support the wind power industry by enabling the construction of new wind power assets, a market to which the company supplies high performance glass fibre reinforcements for wind turbine blades. "Our new greenhouse gas reduction goal is informed by science-based methodologies that are designed to reduce carbon emissions enough to limit global warming to less than 2°C compared to pre-industrial temperatures," said O'Brien-Bernini. "We have taken an important step in aligning our goals consistent with the scientific consensus on what's needed."

US: Owens Corning's net sales increased by almost 6% year-on-year in the third quarter of 2015, led by an 11% increase in insulation sales.

Owens Corning reported US$1.46bn in net sales during the third quarter of 2015, up from US$1.38bn in the same period in 2014. This boosted its sales by 1.7% year-on-year in the first nine months of 2015. Sales of insulation composites and roofing all increased in the third quarter. Ownes Corning's net earnings in the third quarter of 2015 were US$112m, up from US$52m in 2014. Insulation earnings before income tax grew for a 17th consecutive quarter. Insulation sales jumped from US$454m in the third quarter of 2014 to US$502m in the third quarter of 2015, an 11% improvement. For the year, insulation sales have increased by 6%.

"Owens Corning had a very strong quarter, as all three businesses made substantial contributions to earnings," said Mike Thaman, Chairman and CEO. "Our businesses performed at double-digit margin levels as a result of positive macro trends and strong commercial and operational execution."

Owens Corning expects to benefit from continued improvement in the US housing market and global growth. Growth in new US residential construction should continue to help the insulation business, with revenue growth of about 10% in the second half of 2015.