Owens Corning is investing approximately $15 million in a major expansion of its original Fort Smith facility built in 1984. The expansion follows the recent completion of a new adjacent factory estimated to cost at least $115 million.
According to City of Fort Smith building permit information, the original factory expansion was approved for $1.309 million in foundation work and $13.355 million in remaining construction, bringing the total permitted construction cost to $14.664 million. Ta.
The construction will add 47,165 square feet to the 75,162-square-foot manufacturing facility, according to permit information. The plant, located at 5520 Planters Road, produces mats for shingles and other nonwoven products. Fort Smith-based SSI is the general contractor and Fort Smith-based Studio 6 is the project architect.
Attempts Monday could not reach Owens Corning to confirm the number of existing jobs at the plant and any new jobs that may occur upon completion of the expansion. This article will be updated as information becomes available. As of late 2021, Owens had about 80 employees at Corning's former Fort Smith factory. The company has approximately 18,000 employees in 30 countries.
In February 2021, the company began construction on a new 550,000 square foot manufacturing facility in Fort Smith, adjacent to its existing plant on Planters Road. The company announced plans to build the square foot site in February 2023. Russellville factory This is expected to add 50 jobs. The factory will produce the company's insulation products. Company officials hope to begin construction at the end of 2023.
Owens Corning's first quarter sales were $2.3 billion, down from $2.331 billion in the same quarter of 2023. The company reported on April 24 that its net income for the first quarter was $299 million, down from $383 million for the same quarter in 2023. The price of $3.59 was well above the consensus estimate of $3.04.
Owens Corning stock (NYSE:OC) rose $3.18 to close at $171.68 on Monday (April 29). Over the past 52 weeks, the stock price has ranged from $173.65 to $103.41.
