Owens Corning to double composite plant in Russia

Owens Corning to double size of Russian plant, citing global demand for glass fiber

Glass and building materials maker Owens Corning said Tuesday that it plans to double the capacity of a glass fiber composites facility it operates in Russia, citing growing global demand.

The expanded plant in Gous-Khrustalny will make composite products for construction, wind energy, electronics and automotive markets. Expansion work is expected to begin in 2008 and be completed by the end of 2009. The company did not disclose how much it plans to invest in the expansion.

Owens Corning acquired the plant in 2007 as part of its purchase of Saint-Gobain´s composites business.

The company says the demand for glass fiber composite in Russia is expected to surpass 10 percent per year.

Shares of Owens Corning rose $1.14, or nearly 5 percent, to close at $24.50.