Owens Corning
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Owens Corning Corporation is the world's largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity November 1, 1938. The company achieved major successes after the Second World War, with eventual annual sales of $6 billion (USD). However, major medical liabilities due to the company's use of asbestos as a fireproofing agent led to the company's Chapter 11 bankruptcy in 2000. The company announced on May 10, 2006 that it has reached agreement with key creditor groups on a consensual reorganization plan that would resolve all Chapter 11-related issues.
Among the many products of Owens Corning is its fiberglass insulation. Since 1956, the company's insulation has been dyed pink to provide visual contrast; the company became so associated with its pink insulation (originally planned as red, but the dye was not sufficiently concentrated, resulting in its current, trademarked light pink coloring) product that it even registered the term "PINK" (in capital letters only) to refer to its insulation. It was granted a trademark on the color in In re Owens-Corning Fiberglas Corp., 774 F.2d 1116 (Fed. Cir. 1985). The cartoon character of the Pink Panther is used by Owens Corning as the mascot of its insulation division.
Another major product of Owens Corning is derived from its use of fiberglass as reinforcement for plastic products. The resulting fiberglass-reinforced plastic is the form of "fiberglass" used in boat hulls, automobile roofs, pipes, electris windmill blades, etc. Their product is sold under the trade name of "Fiberglas"®.
[edit] Diversity
Owens Corning received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report.
The company now trades over the counter under the ticker [1]
[edit] Reorganization litigation
Owens Corning announced on May 10, 2006 that it reached agreements with key creditor groups on a consensual reorganization plan that would resolve all Chapter 11-related issues.
