Owens Corning Accelerates Roofing Growth With New Southeast Shingle Plant

Owens Corning Inc OC shares are trading relatively flat on Tuesday.

The company is taking a major step to strengthen its roofing business with a strategic investment in a new shingle manufacturing facility in the southeastern U.S.

This addition is part of Owens Corning’s ongoing efforts to expand its Roofing manufacturing network to meet the rising demand for shingles.

The new facility will feature automation and a four-wide laminator, allowing the plant to produce up to six million squares of shingles annually.

Scheduled to begin production in 2027, the plant will manufacture Owens Corning’s premium shingles, including the popular Duration series.

In addition, the plant will create nearly 100 skilled manufacturing jobs in the region. The exact location, however, will be revealed later this year.

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Gunner Smith, Owens Corning’s Roofing President, said, “Through this investment, and the many investments we have made over the last several years to enhance our manufacturing network, we are expanding our ability to meet the strong demand for Owens Corning shingles.”

This new plant builds on recent investments aimed at expanding the company’s manufacturing capacity.

As previously announced, Owens Corning is also enhancing production at its Medina, Ohio plant through a new laminate line, which is expected to start operations mid-year.

Combined, these initiatives are set to significantly boost Owens Corning’s shingle production network.

In November, the company said it forecasts strong performance for the fourth quarter of FY24 despite challenging market conditions, expecting net sales growth of around 20%.

Owens Corning plans to announce its fourth-quarter results on February 24, 2025.

According to Benzinga Pro, OC stock has gained over 20% in the past year. Investors can gain exposure to the stock via VanEck Low Carbon Energy ETF (SMOG).

Price Action: OC shares are trading lower by 0.17% to $179.84 at last check Tuesday.

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