Exhibit 99.1
Owens Corning Announces Dividend Increase, Authorization for Repurchase of Up to 10 Million Additional Shares
TOLEDO, Ohio –– December 3, 2020 –– Owens Corning (NYSE: OC) today announced that its Board of Directors has approved a quarterly dividend increase and an expanded share repurchase authorization. The actions reaffirm the company’s capital allocation strategy and reflect its ability to operate, execute, and deliver in a challenging environment.
“Our performance and cash flow generation are a testament to the strength of our company,” said Chairman and Chief Executive Officer Brian Chambers. “The increased dividend and additional share repurchase authorization support our target of returning at least 50% of free cash flow to shareholders over time.”
Board Increases Quarterly Cash Dividend by 8%
The Board has declared a quarterly cash dividend of $0.26 per common share, an 8% increase compared with the prior quarterly dividend. The dividend will be payable on January 22, 2021, to shareholders of record as of January 8, 2021.
Future dividend declarations will be made at the discretion of the Board of Directors and will be based on such factors as the company’s earnings, financial condition, cash requirements, future prospects and other factors.
Authorization for Repurchase of 10 million Additional Shares
In addition, the Board of Directors has approved a share repurchase authorization for up to 10 million shares of the company’s common stock. This is in addition to the previously announced share buyback program in which approximately 2.3 million shares remained available for repurchase as of September 30, 2020.
The authorization enables the company to repurchase shares through open-market, privately negotiated, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors, and will be at the company’s discretion.
Year-to-date through the third quarter, the company returned approximately $159 million to investors through share repurchases and dividends.
“Throughout 2020, we have focused on strengthening liquidity, deleveraging the balance sheet and maintaining the dividend,” said Chief Financial Officer Ken Parks. “Looking forward, we will continue to focus on maintaining an investment-grade balance sheet while returning capital to our shareholders and funding key business initiatives.”
About Owens Corning
Owens Corning is a global building and industrial materials leader. The company’s three integrated businesses are dedicated to the manufacture and advancement of a broad range of insulation, roofing and fiberglass composite materials. Leveraging the talents of 18,000 employees in 33 countries, Owens Corning provides innovative products and sustainable solutions that address energy efficiency, product safety, renewable energy, durable infrastructure, and labor productivity. These solutions provide a material difference to the company’s customers and make the world a better place. Based in Toledo, Ohio, USA, the company posted 2019 sales of $7.2 billion. Founded in 1938, it has been a Fortune 500® company for 66 consecutive years. For more information, please visit www.owenscorning.com.
