Owens Corning Joins Forces with T. Boone Pickens to Advance Energy Independence
December 15 2008 - 9:08AM
PR Newswire (US)
Collaboration Marks Significant Expansion of the Pickens Plan; Plan
Now Calls for Energy Efficiency in Buildings 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 http://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 http://www.pickensplan.com/.
DATASOURCE: Owens Corning CONTACT: Media Inquiries: Jason Saragian,
+1-419-248-8987, or Investor Inquiries: Scott Deitz,
+1-419-248-8935, both of Owens Corning Web site:
http://www.owenscorning.com/ http://www.pickensplan.com/ Company
News On-Call: http://www.prnewswire.com/comp/677350.html
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