Owens Corning Corporation (NYSE: OC) is the world's largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity on November 1, 1938. The company achieved major successes after the Second World War, with eventual annual sales of $6 billion (USD). However, major medical liabilities due to t...
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Owens Corning Corporation (NYSE: OC) is the world's largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity on November 1, 1938. The company achieved major successes after the Second World War, with eventual annual sales of $6 billion (USD). However, major medical liabilities due to the company's use of asbestos as a fireproofing agent led to the company's Chapter 11 bankruptcy in 2000. In 1999, a jury in federal district court in Florida awarded $1.8 million compensatory damages and $31 million punitive damages against the company. According to the court, evidence showed that: "for more than thirty (30) years Owens-Corning concealed what it knew about the dangers of asbestos. In fact, Owens-Corning's conduct was even worse than concealment, it also included intentional and knowing misrepresentations concerning the danger...
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