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Asbestos Liability Bankrupts Owens Corning

Its cash flow strapped by multi-billion dollar asbestos liability, Owens Corning has voluntarily filed to reorganize under Chapter I 1 bankruptcy protection.

Owens Corning did not expect the bankruptcy filing to disrupt day-today operations, but would buy time to help its settlement program to accommodate future claims. Asbestos-related lawsuits already have cost the company $3.1 billion and it could be facing another $3 billion in future liabilities.

To enhance liquidity, Owens

Corning obtained a $500 million debtor-in-possession financing commitment from Bank of America, pending court approval.

More than 20 other companies involved in asbestos-related activity have filedto reorganize under Chapter I 1. Owens Corning similarly intends to use the special provisions of Chapter l1 bankruptcy to help resolve asbestos claims.

"First," said chairman and ceo Glen H. Hiner. "we tried to resolve cases in individual out-of-court settlements, and then we sought legislative and judicial relief. Finally, we made substantial progress in the management of our asbestos liability with our National Settlement Program. However, the cost of resolving current and future claims, together with a flurry of recent new filings from plaintiff lawyers not participating in the NSP, led us to the conclusion that a Chapter I I reorganization was prudent and necessary."

The company's ability to meet both its schedule of asbestos-related payments and its obligations to the banks under its credit agreement were further jeopardized by falling demand for building materials and rising energy and raw materials costs.

Owens Corning's asbestos liability arises from a high-temperature pipe insulation produced from 1952 to 1972.

The bankruptcy filing covered all of Owens Corning's U.S. operating subsidiaries, but no joint ventures or operations outside the U.S.

With annual sales of $5 billion and 20,000 employees worldwide, OC is the industry's leading supplier of insulation and roofing products.

- Neil v.p. and c hi ef info tmat io n ffi c e r, True Value

Housewares Show To Move

After holding practically every one of its conventions in January since its 1939 inception, the International Housewares Show will move to March in 2006.

The 2006 event will be held March 12-15 at McCormick Place, Chicago.

Among the reasons given for the switch were that the show is too close to the busy holiday season and fiscal year-end closes in January.

Subsequent dates at the same venue are: March 18-21, 2007; March 9-12, 2008: March 22-25,2009, and March 7-10,2010.

Bush At Housewares Show

Drawing on his lifetime of public service, former President George Bush will address the 2001 International Housewares Show.

Mr. Bush will speak during the annual Industry Breakfast/National Housewares Manufacturers Association annual meeting Monday, Jan. 15.

The International Housewares Show will be held Jan. 14-17 at McCormick Place, Chicago, Il.

Construction Growth To Slow

While the nine-year growth of construction will continue into 200 l, higher interest rates will help slow its pace, according to Robert Murray, chief economist of F.W. Dodge.

"We are not facing the imbalances that have been present in the latter stages of prior expansions," said Murray. "We're not looking at wild swings here. That definitely is a reason to be optimistic."

He said that construction will rise 37o to $462 billion in 2000. a decrease from 1999's lOTo increase.

Single-family construction will decline 57o, according to Murray, a continuance from its 1998-1999 pace. This he attributes to a "diminished wealth effect caused by the sideways stock market," which could lead to more restrained home buyer demand.

MILLWORK ADVISORS: WoodWare software users elecled the new Customer Advisory Council, featuring (l-0 Chip Wilby, Cleary Millwork Co., Rocky Hill, Cl.; Mike Gardner, Goshen Sash & Door, Goshen, In.; Pamela Webb, Texas Door & Trim, Dallas, Tx.; Shaun Huxford, Doors Plus, Elkhart, In.; Jan Sutherhland, CMS Holding Co., Austell, Ga., and Jeff Johnson, Western Pacilic Building Materials, Portland, Or., with Nick Carter, president, WoodWare Systems, Memphis, Tn.

Dealer Group For Sustainability

The National Lumber & Building Material Dealers Association is urging its 8,000 members to buy lumber from suppliers practicing sustainable forestry management.

NLBMDA's new policy statement advocates that the association and its members "give preference to companies and landowners who practice and encourage sustainable forest management based on the concept of continuous improvement. NLBMDA intends to increase the purchase of wood products from companies and landowners who subscribe to credible sustainable forestry programs."

Most certification and verification standards, including AF&PA's Sustainable Forest Initiative, would be accepted.

Huttig Loses Andersen Line

Huttig Building Products, Inc. is no longer carrying Andersen Windows at its 62 distribution centers.

Andersen decided to end the decades-old relationship due to differences in the companies' distribution strategies.

Soon after, Huttig agreed to increase the number of its facilities that distribute Weather Shield windows and doors from eight to 13.

Huttig's sales of the Andersen line for the first six months of 2000 were $38 million.

HOME WORK: About 50 volunteers recently worked on a single{amily Habitat for Humanity home in Long Beach, Ca. Sponsor Bosch Power Tools donated pow6r tools for lasf yea/s event-tools that were again used on the iob site this year-and provided volunteers with a free power lunch and T-shirts.