Owens Corning
Encyclopedia
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 on November 1, 1938. 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 emerged from Chapter 11 in October 2006.
between two major American
glassworks
, Corning Glass Works and Owens-Illinois
. The company was spun off as a separate entity on November 1, 1938. The company achieved major successes after the Second World War, with eventual annual sales of $6 billion
(USD).
In 1995, the company was sued for asbestos
-induced pleural mesothelioma (a rare form of cancer that attacks the lining of the lung) in Galotti vs. Owens-Corning Fiberglass. The company was ordered to pay $6.25 million in damages, making it the largest compensatory verdict in the history of the state of Florida for a mesothelioma case.
Owens-Corning vs. McKenna
In 1997, in Owens-Corning vs. McKenna, the company was ordered by the jury to pay the victim $5 million, making it the highest jury verdict in the history of the United States for a single non-malignant asbestos case.
Owens-Corning vs. Ballard
In 1999, a jury in federal district court in Florida awarded $1.8 million compensatory damages and $31 million punitive damages against the company. According to the court, evidence showed that: "for more than thirty (30) years Owens-Corning concealed what it knew about the dangers of asbestos. In fact, Owens-Corning's conduct was even worse than concealment, it also included intentional and knowing misrepresentations concerning the danger of its asbestos containing product, Kaylo. For instance, in 1956, Owens-Corning, after having been told by the Saranac Laboratory that Kaylo dust was 'toxic,' and that asbestos was a carcinogen, advertised Kaylo as being 'non-toxic.'" Owens-Corning Fiberglas Corp. v. Ballard, 749 So.2d 483 (1999).
as a fireproofing agent led to the company's Chapter 11 bankruptcy
in 2000. The company emerged from Chapter 11 in October 2006.
. Since 1956, the company's insulation has been dyed pink to provide visual contrast; the company became so associated with its pink insulation 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 used in boat hulls, automobile roofs, pipes, electric windmill blades, etc. This product is sold under the trade name
of "Fiberglas".
The company also manufactures other building materials systems and composite solutions including roofing, stonework, and glass composite materials used in transportation, electronics, telecommunications and other high-performance applications.
In May 2006, an Owens Corning facility released HCFC 142b, a potent greenhouse gas and ozone depleter, into the air. The National Environmental Defense Center responded by sending a sixty-day notice that they would sue under the Clean Air Act.
released by the Human Rights Campaign
starting in 2004, the third year of the report.
The company was referred to several times in the Family Guy
episode "The Former Life of Brian
" when the Pink Panther dies from his body being one-third Owens-Corning Fiberglass Insulation.
Partnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
between two major American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
glassworks
Glassworks
Glassworks is a chamber music work of six movements by Philip Glass. It is regarded as being a characteristically Glass-like work. Following his larger-scale concert and stage works, Glassworks was Philip Glass's successful attempt to create a more pop-oriented "Walkman-suitable" work, with...
, Corning Glass Works and Owens-Illinois
Owens-Illinois
Owens-Illinois Inc. is a Fortune 500 company that specializes in container glass products. It is one of the world's leading manufacturers of packaging products, holding the position of largest manufacturer of glass containers in North America, South America, Asia-Pacific and Europe...
. The company was spun off as a separate entity on November 1, 1938. However, major medical liabilities due to the company's use of asbestos
Asbestos
Asbestos is a set of six naturally occurring silicate minerals used commercially for their desirable physical properties. They all have in common their eponymous, asbestiform habit: long, thin fibrous crystals...
as a fireproofing agent led to the company's Chapter 11 bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
in 2000. The company emerged from Chapter 11 in October 2006.
History
It was formed in 1935 as a partnershipPartnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
between two major American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
glassworks
Glassworks
Glassworks is a chamber music work of six movements by Philip Glass. It is regarded as being a characteristically Glass-like work. Following his larger-scale concert and stage works, Glassworks was Philip Glass's successful attempt to create a more pop-oriented "Walkman-suitable" work, with...
, Corning Glass Works and Owens-Illinois
Owens-Illinois
Owens-Illinois Inc. is a Fortune 500 company that specializes in container glass products. It is one of the world's leading manufacturers of packaging products, holding the position of largest manufacturer of glass containers in North America, South America, Asia-Pacific and Europe...
. The company was spun off as a separate entity on November 1, 1938. The company achieved major successes after the Second World War, with eventual annual sales of $6 billion
1000000000 (number)
1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001.In scientific notation, it is written as 109....
(USD).
Asbestos lawsuits
Galotti vs. Owens-CorningIn 1995, the company was sued for asbestos
Asbestos
Asbestos is a set of six naturally occurring silicate minerals used commercially for their desirable physical properties. They all have in common their eponymous, asbestiform habit: long, thin fibrous crystals...
-induced pleural mesothelioma (a rare form of cancer that attacks the lining of the lung) in Galotti vs. Owens-Corning Fiberglass. The company was ordered to pay $6.25 million in damages, making it the largest compensatory verdict in the history of the state of Florida for a mesothelioma case.
Owens-Corning vs. McKenna
In 1997, in Owens-Corning vs. McKenna, the company was ordered by the jury to pay the victim $5 million, making it the highest jury verdict in the history of the United States for a single non-malignant asbestos case.
Owens-Corning vs. Ballard
In 1999, a jury in federal district court in Florida awarded $1.8 million compensatory damages and $31 million punitive damages against the company. According to the court, evidence showed that: "for more than thirty (30) years Owens-Corning concealed what it knew about the dangers of asbestos. In fact, Owens-Corning's conduct was even worse than concealment, it also included intentional and knowing misrepresentations concerning the danger of its asbestos containing product, Kaylo. For instance, in 1956, Owens-Corning, after having been told by the Saranac Laboratory that Kaylo dust was 'toxic,' and that asbestos was a carcinogen, advertised Kaylo as being 'non-toxic.'" Owens-Corning Fiberglas Corp. v. Ballard, 749 So.2d 483 (1999).
Temporary bankruptcy
Liabilities due to the company's use of asbestosAsbestos
Asbestos is a set of six naturally occurring silicate minerals used commercially for their desirable physical properties. They all have in common their eponymous, asbestiform habit: long, thin fibrous crystals...
as a fireproofing agent led to the company's Chapter 11 bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
in 2000. The company emerged from Chapter 11 in October 2006.
Products
Among the many products of Owens Corning is its fiberglass insulationGlass wool
Glass wool or fiberglass insulation is an insulating material made from fiberglass, arranged into a texture similar to wool. Glass wool is produced in rolls or in slabs, with different thermal and mechanical properties....
. Since 1956, the company's insulation has been dyed pink to provide visual contrast; the company became so associated with its pink insulation product that it even registered the term "PINK" (in capital letters only) to refer to its insulation. It was granted a trademark
Trademark
A trademark, trade mark, or trade-mark is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify that the products or services to consumers with which the trademark appears originate from a unique source, and to distinguish its products or...
on the color in In re Owens-Corning Fiberglas Corp., 774 F.2d 1116 (Fed. Cir. 1985). The cartoon character of the Pink Panther
The Pink Panther (character)
The Pink Panther is the main and title character in the opening and closing credit sequences of every film in The Pink Panther series except for A Shot in the Dark and Inspector Clouseau. His popularity spawned a series of theatrical shorts, merchandise, a comic book, and television cartoons...
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
Glass-reinforced plastic
Fiberglass , is a fiber reinforced polymer made of a plastic matrix reinforced by fine fibers of glass. It is also known as GFK ....
is used in boat hulls, automobile roofs, pipes, electric windmill blades, etc. This product is sold under the trade name
Trade name
A trade name, also known as a trading name or a business name, is the name which a business trades under for commercial purposes, although its registered, legal name, used for contracts and other formal situations, may be another....
of "Fiberglas".
The company also manufactures other building materials systems and composite solutions including roofing, stonework, and glass composite materials used in transportation, electronics, telecommunications and other high-performance applications.
Environmental Record
Owens Corning sells significant amounts of energy-saving products. For instance, sand and recycled glass is used for making insulated fiberglass which saves energy. Such products are responsible for the reduction of greenhouse gas emissions.In May 2006, an Owens Corning facility released HCFC 142b, a potent greenhouse gas and ozone depleter, into the air. The National Environmental Defense Center responded by sending a sixty-day notice that they would sue under the Clean Air Act.
Glass Recycling Efforts
In the Kansas City metropolitan area, Owens Corning purchases locally-sourced recycled glass from Ripple Glass to manufacture fiberglass insulation in its local manufacturing plant. The joint effort between Owens Corning and Ripple Glass is helping to greatly reduce the amount of glass that would have been deposited in local Kansas City landfills.Miscellaneous
Owens Corning received a 100% rating on the Corporate Equality IndexCorporate Equality Index
The Corporate Equality Index is a report published by the Human Rights Campaign Foundation as a tool to rate American businesses on their treatment of gay, lesbian, bisexual and transgender employees, consumers and investors. Its primary source of data are surveys but researchers cross-check...
released by the Human Rights Campaign
Human Rights Campaign
The Human Rights Campaign is the United States' largest LGBT advocacy group and lobbying organization; according to the HRC, it has more than one million members and supporters...
starting in 2004, the third year of the report.
The company was referred to several times in the Family Guy
Family Guy
Family Guy is an American animated television series created by Seth MacFarlane for the Fox Broadcasting Company. The series centers on the Griffins, a dysfunctional family consisting of parents Peter and Lois; their children Meg, Chris, and Stewie; and their anthropomorphic pet dog Brian...
episode "The Former Life of Brian
The Former Life of Brian
"The Former Life of Brian" is the eleventh episode of the sixth season of Family Guy. The episode originally broadcast on April 27, 2008. It guest stars Harvey Fierstein as the older repulsive Tracy and Chace Crawford as Paul, the ne'er-do-well boyfriend of another woman...
" when the Pink Panther dies from his body being one-third Owens-Corning Fiberglass Insulation.
Financial Data
The largest percentage of Owens Corning's 2007 sales came from its insulation division, at just over 34%. OC earned $5.4B in revenues in 2006, and $4.9B in revenues in 2007, for an 8% revenue drop. Net income was $96MM in 2007.External links
- Modern Mechanix, Feb. 1938 article
- OC Company Profile on Wikinvest