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Owens Corning Joins Forces with T. Boone Pickens to Advance Energy Independence

Posted on: Monday, 15 December 2008, 08:08 CST

TOLEDO, Ohio, Dec. 15 /PRNewswire-FirstCall/ -- Owens Corning (NYSE: OC), a world leader in building materials systems and glass fiber reinforcements, today partnered with T. Boone Pickens by endorsing the Pickens Plan to advance energy independence and energy efficiency in homes and buildings.

The Pickens Plan calls for reducing the United States' dependence on foreign oil through the investment in domestic renewable resources, such as wind and solar, and the use of natural gas as a transportation fuel. For the first time, the Plan will now also call for increased energy efficiency in homes and buildings.

The goals of the Pickens Plan - including the new focus on energy efficiency in buildings - are consistent with key elements of the energy program being discussed by President-Elect Barack Obama and Congressional leaders. At the foundation of the T. Boone Pickens and Owens Corning collaboration is the understanding that any effective energy policy for the nation must include provisions for achieving greater energy efficiency in buildings.

"Buildings consume 40 percent of our nation's energy. That's more than industry or transportation. Energy efficiency in homes and buildings is critical to the achievement of true energy independence," said Mike Thaman, chairman and chief executive officer of Owens Corning. "As the leading provider of glass fiber for wind blades, we were initially drawn to the Pickens Plan based on his vision for wind power in America. We applaud Mr. Pickens for also recognizing the importance of energy efficiency in solving our nation's energy challenges. We're hopeful our endorsement of this Plan, through our financial resources and employee involvement, will encourage other companies to support the plan as well."

"Owens Corning shares the same concerns that millions of Americans share: reducing our dependence on foreign oil, which has threatened our security, economy and environment. I am delighted to welcome Mike Thaman and Owens Corning to our Plan," stated T. Boone Pickens. "Today's announcement is a big step forward. By increasing the energy efficiency in our nation's homes and buildings, the U.S. can save the equivalent of more than one billion barrels of oil per year, or more than 2.7 million barrels per day. Properly insulating residential and commercial buildings makes tremendous sense and will be a significant part of any energy plan being developed by the new Administration."

At its global headquarters in Toledo, Ohio, Owens Corning will sign the Pickens Plan today at an event attended by T. Boone Pickens. At the event, Owens Corning and T. Boone will discuss a shared commitment to securing an effective U.S. energy policy, including joint efforts to raise awareness among legislators and the public at large of the critical importance that energy efficiency in buildings needs to play in that policy.

As a result of adding energy efficiency to the Pickens Plan, current Plan supporters and the general public will be encouraged to make sure their homes and workplaces are adequately insulated and made aware that significant amounts of energy can be saved by simply ensuring buildings have sufficient insulation.

About Owens Corning

Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass fiber reinforcements and engineered materials for composite systems. The company is a market-leading producer of insulation products that address the need for cost-effective renewable energy, as well as glass fiber reinforcement materials for composites, including materials that enable green applications like wind energy. A Fortune 500 company for 54 consecutive years, Owens Corning is committed to driving sustainability through delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass fiber technology with sales of $5 billion in 2007 and 18,000 employees in 26 countries on five continents. Additional information is available at www.owenscorning.com.

About The Pickens Plan

Unveiled on July 8, 2008 by T. Boone Pickens, the Pickens Plan is a detailed solution for ending the United States' growing dependence on foreign oil. Earlier this year, when oil prices reached $140/barrel, America was spending about $700 billion for foreign oil, equaling the greatest transfer of wealth in human history. That figure has decreased some while oil prices have retreated, but the U.S. is still dependent on foreign nations for nearly 70 percent of its oil, representing a continuing national economic and national security threat. The plan calls for investing in power generation from domestic renewable resources such as wind and using our abundant supplies of natural gas as a transportation fuel, replacing more than one-third of our imported oil. Additional information is available at www.pickensplan.com.

SOURCE Owens Corning

Source: PR Newswire

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