Owens Corning Acquires Key Composite Solutions Operation In Japan

Acquisition marks increased commitment to Japanese and Asia Pacific markets

TOLEDO, OHIO (Thursday, December 08, 2005) - Owens Corning announced
today that it has reached an agreement with Asahi Glass Co., Ltd. to acquire
its composites business, including a glass manufacturing facility located near
Tokyo. Terms were not disclosed.
The acquisition underscores Owens Corning's commitment to the Japanese
market and positions the company to capitalize on emerging opportunities
within the Asia Pacific region. The composites and glass fibers produced in
this facility will support the growth of customers in the automotive, consumer
and electrical, building and construction, and infrastructure markets. The
transaction is expected to close in the second quarter of 2006.
"Japan continues to be a significant growth market for Owens Corning,"
said Steve Zirkel, managing director, Composite Solutions Asia Pacific - Owens
Corning. "The addition of this business strategically positions Owens Corning
to better serve existing customers, add new customers and increase our
presence in the Asia Pacific region."
This acquisition represents a continued commitment to Japan, one of the
world's largest glass fiber markets, and reinforces the company's position as
a world leader in building materials and composite systems. Key patents,
product formulas and innovative technologies were an instrumental part of the
agreement. Combining these new technologies with Owens Corning's current
product offering will deliver a broader range of composite solutions to the
market.
"We've worked together successfully with Owens Corning in Japan for many
years," said Toru Shiraishi, president and representative director - Asahi
Fiber Glass. "Based on this relationship, we explored the best option for the
plant and its employees, and as a result, decided that Owens Corning provided
the best opportunity for the plant's future. As a trusted partner and leader
in the global fiber glass and composite materials markets, we believe that
Owens Corning's acquisition of this facility will lead to providing better
services to customers and an opportunity for continued cooperation between our
companies in the future."
The transaction is subject to the approval of the United States Bankruptcy
Court for the District of Delaware and other regulatory approvals.

Owens Corning is a world leader in building materials systems and
composite systems. Additional information is available on Owens Corning's Web
site at http://www.owenscorning.com or by calling the company's toll-free general
information line 1-800-GET-PINK.

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