Owens Corning Announces $22M Investment In Memphis Operations
Release date: 11/11/2009
Owens Corning (NYSE: OC), along with the Greater Memphis Chamber and the State of Tennessee, is pleased to announce the expansion of its Memphis operations.
Owens Corning will invest $22 million into its North Memphis facility, located at 704 Corrine Ave. The site currently produces residential and commercial roofing strip shingles, and employs 92 people.
The investment will create 15 new jobs, and allow Owens Corning to expand the site’s manufacturing capability to include aesthetically pleasing, higher-style laminates. Company officials said the expansion will be completed early next year, at which time its Memphis site will produce Owens Corning’s Classic, Supreme, Oakridge, Duration and Duration Premium shingles.
“We’re expanding our Memphis operations because we see a growing demand for laminates,” said Dave Moelter, Owens Corning Memphis plant leader. “We appreciate the support of the Shelby County, the city of Memphis and the state of Tennessee in this expansion. This move will allow us to meet the short-term demands of the Memphis-area market, while giving us additional capacity to meet long-term demand in the United States.”
“From the beginning, this project has been about our great economic development partners – the State of Tennessee, TVA, MLGW and the City of Memphis/Shelby County Office of Planning and Development – working together to retain the presence of this company and its employees in our city,” said Mark Herbison, Senior Vice President, Economic Development for the Greater Memphis Chamber. “We are grateful for a manufacturing company like Owens Corning. Their reinvestment is more than just an investment in a building – it is an investment in our community.”
“Owens Corning has long been a valued member of Tennessee’s corporate community, and we appreciate their continued investment in Memphis,” said Matt Kisber, commissioner of the Tennessee Department of Economic and Community Development. “I believe the decision to expand their facility in our state is a reflection on both the strong business climate that Tennessee offers and the high-quality workforce in the Memphis area. We look forward to continued partnership with Owens Corning as they grow and prosper.”
“TVA is committed to ensuring that Owens Corning and other area existing companies have the resources needed to be viable,” said John Bradley, TVA Senior Vice President of Economic Development. “Teamwork, as demonstrated among the economic development partners mentioned above, boosts opportunities for our existing businesses to succeed.”
“The Memphis and Shelby County Industrial Development Board was pleased to continue its support for new and expanding industry in this community. We were so pleased to see a company with such a long history choose to continue making significant investments here,” said Charles Gulotta, Executive Director of the Memphis/Shelby County Office of Economic Development.
Owens Corning 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 55 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $6 billion in 2008 and about 16,000 employees in 30 countries on five continents. Additional information is available at www.owenscorning.com.