This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Owens Corning Announces Purchase Of Bushing Facility In China

TOLEDO, Ohio, March 7, 2013 /PRNewswire/ -- Owens Corning (NYSE:OC), a leading global producer of glass fiber reinforcements for composite systems and residential and commercial building materials, has announced an agreement with Tanaka Kikinzoku Kogyo K.K and Tanaka Kikinzoku International K. K. (collectively referred as "Tanaka") to purchase Tanaka Kikinzoku (Suzhou) Co., Ltd (TKS).  TKS is a producer of glass fiber bushings and other parts which service various glass industries in China and has been operating since 2006.  TKS will become a part of Owens Corning GlassMetal Services, a wholly owned business unit which makes glass fiber bushings and related parts for the glass fiber industry.

This purchase only involves Tanaka's TKS business.  Both Owens Corning and Tanaka have other bushing business concerns globally.  According to Owens Corning Composite Solutions Business President Arnaud Genis, "The acquisition of TKS gives Owens Corning the ability to better serve China which is the largest and fastest growing glass fiber country in the world." Genis continues, "This completes Owens Corning's global footprint of bushing facilities which include additional locations in Singapore, the U.S., Brazil, and Russia and services both internal Owens Corning needs and the needs of other glass fiber producers." 

About Owens CorningOwens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems.  A Fortune ® 500 Company for 58 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives.  Celebrating its 75th anniversary in 2013, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.2 billion in 2012 and approximately 15,000 employees in 27 countries on five continents.  Additional information is available at

About Tanaka Over the years since its establishment in 1885, Tanaka Kikinzoku Kogyo K.K., ( Kikinzoku meaning "precious metals" and Kogyo meaning "industries"), has created a group of affiliated companies, first in Japan and later throughout the world, to engage in a diversified range of business activities involving precious metals, including precious metal investment and fine jewelry sales.  Tanaka has long been Japan's largest precious metals trader and holds certifications from the LBMA (London Bullion Market Association) and the LPPM (London Platinum & Palladium Market) for the assaying and refereeing of gold and silver, and platinum and palladium, respectively.  The Tanaka Group companies have also been continuing to strengthen their position as world leaders in the manufacture and sale of key industrial products made from precious metals.  As consummate professionals in field of precious metals and related products, the Tanaka Group companies pledge themselves to contributing to the enrichment of the lives of people throughout the world.

SOURCE Owens Corning

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,761.68 -36.81 -0.21%
S&P 500 2,083.93 -6.18 -0.30%
NASDAQ 5,106.28 -21.2450 -0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs