SECURITIES AND EXCHANGE COMMISSION
                           Washington, D. C.  20549




                                   FORM 8-K

                                CURRENT REPORT






                    Pursuant to Section 13 or 15(d) of the 
                        Securities Exchange Act of 1934
                                                                            
                               February 9, 1995
                                       





                      OWENS-CORNING FIBERGLAS CORPORATION
                            A Delaware Corporation




Commission File No. 1-3660                         IRS Employer Identification
                                                   No. 34-4323452             




                     Fiberglas Tower, Toledo, Ohio  43659
                         Telephone No. (419) 248-8000
                                       

                                  -1-

ITEM 5.  OTHER EVENTS

On February 9, 1995, Owens-Corning Fiberglas Corporation announced its
call for redemption of $50 million of bearer debentures, representing
all of the bearer debentures included in the company's outstanding
$172.5 million issue of 8% Convertible Junior Subordinated Debentures
due 2005.  The redemption date will be March 13, 1995.

At the holder's option, bonds called for redemption are convertible into
Owens-Corning common stock at a conversion price of $29.75 (33.613
shares of common stock per $1,000 principal amount of debentures)
through the redemption date, at which time this option will expire. 
Bonds not converted will be redeemed at face value along with a 5.6%
premium and approximately 1.6% accrued interest.

As long as the price of Owens-Corning's common stock is greater than
$31.90 ("cash equivalent price"), holders who convert will receive
Owens-Corning common stock (plus cash for fractional shares) with a
market value greater than the amount of cash that the holder would
otherwise receive upon redemption.

In total, the $50 million of bearer debentures are convertible into
approximately 1.7 million new common shares, which are already reflected
in the company's fully diluted earnings per share calculations.  To fund
any cash redemptions, the company has entered into an arrangement with
an unaffiliated financial institution under which the company has the
option to sell to such institution, at the cash equivalent price, any
balance of the 1.7 million new shares not used for conversion.




                              SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.


                                   OWENS-CORNING FIBERGLAS CORPORATION
                                                 Registrant           



Date  February 10, 1995           By /s/ Domenico Cecere              
     -------------------          ------------------------------------
                                  Domenico Cecere                     
                                  Vice President and Controller