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TOLEDO, Ohio, May 1, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
Owens Corning (OTC Bulletin Board: OWENQ.OB) today announced that it has completed its acquisition of the composites business of the Asahi Fiber Glass Co., Ltd. in Japan, previously announced on December 8, 2005. Terms were not disclosed.

"The addition of composite and glass-fiber manufacturing in Japan allows Owens Corning to deliver more value to more customers around the world," said Chuck Dana, president - Composite Solutions Business. "The products manufactured at this facility will support our global growth by delivering a broader range of composite solutions for the consumer and electrical, building and construction, and infrastructure markets."

The acquisition expands Owens Corning's product portfolio to include:
- Reinforcements for high-performance thermoplastics such as Liquid
Crystaline Polymer (LCP), Polyphenylene Sulfide (PPS) and Polyphenylene
Oxide (PPO) polymer products. These composite products are used in
applications where high performance is required.
- Long-fiber thermoplastic compounds for the Asia Pacific market used in
light-weight and semi-structural applications.
- Sheet Molding Compounds for the Japanese market, including high-heat
industrial and Class-A applications for automotive and consumer
markets.
- Rubber-coated glass-fiber solutions used in engine timing belts for the
automotive industry.

Owens Corning is a world leader in building materials systems and composite solutions. A Fortune 500 company for more than 50 years, Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronic, telecommunications and other high-performance applications. Since the company's founding in 1938, Owens Corning has become a market-leading innovator of glass-fiber technology with sales of $6.3 billion in 2005 and 20,000 employees in 25 countries. Additional information is available at www.owenscorning.com.

SOURCE Owens Corning

Jason Saragian of Owens Corning, [phone]; or Eiichi Onozawa of Golin Harris Tokyo, [phone] http://www.prnewswire.com

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