Owens Corning Supports President Obama's HOMESTAR Program to Create U.S. Jobs and Improve Energy Efficiency in America's Homes

TOLEDO, Ohio, March 3 /PR Newswire-First-Call/ -- Owens Corning (NYSE: OC), a leading producer of residential glass-fiber insulation, today announced its support of President Obama's $6 billion HOMESTAR program that promotes the creation of tens of thousands of U.S. jobs and encourages consumers to make energy-saving home improvements, including sealing and insulating.

President Obama introduced the program in a speech Tuesday, March 2, at the Savannah Technical College in Savannah, Ga.

With unemployment in the construction sector near 25 percent and with substantial underutilized capacity in the manufacturing sector, the HOMESTAR program has the potential to jump-start economic recovery by boosting demand for energy-efficiency products and installation services – products and services that are almost exclusively manufactured in the United States.

"Owens Corning strongly supports President Obama's HOMESTAR proposal," said Mike Thaman, chairman and chief executive officer. "We applaud the President's leadership in driving policy that promotes job creation and energy efficiency. Encouraging consumers to make energy-saving home improvements, like sealing and insulating, will create U.S. jobs, while saving energy and lowering homeowners' energy bills.

"The current condition of the U.S. housing market provides a unique opportunity to take advantage of available product and skilled worker capacity to get this done. We will work to support the President's HOMESTAR initiative and its many benefits," said Thaman.

The HOMESTAR program will help middle-class families save hundreds of dollars a year in energy costs, while improving the comfort and value of their most important investment – their homes.

Homeowners can collect on-the-spot rebates of up to $1,500 for having their attics properly sealed and insulated. The Obama administration expects about 2 million to 3 million households to participate in the HOMESTAR program, which also will help reduce the U.S. economy's dependence on oil and support the development of an energy-efficiency services sector.

During his speech Tuesday, President Obama emphasized the importance of America pursuing energy-efficiency improvements, saying "the country that leads in clean energy is also going to be the country that leads in the global economy. Just like a responsible homeowner will invest in their homes in the near term to fortify their economic security in the long term, we've got to do the same as a country."

America's homes and commercial buildings consume 40 percent of the nation's energy and more than 70 percent of the nation's electricity, presenting a significant and urgent need to improve energy efficiency in homes.  

"We believe in and are supportive of putting people back to work in a way that makes homes more energy efficient," said Frank O'Brien-Bernini, chief sustainability officer. "With 80 million under-insulated homes in the United States, the President's HOMESTAR initiative addresses a real problem with practical solutions that are readily available today."

The HOMESTAR proposal still needs approval from Congress.

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. A Fortune 500 Company for 55 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $4.8 billion in 2009 and about 16,000 employees in 28 countries on five continents. Additional information is available at www.owenscorning.com.

SOURCE Owens Corning

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