Exhibit 3

OWENS CORNING WORLD HEADQUARTERS
ONE OWENS CORNING PARKWAY
TOLEDO, OHIO  43659
419.248.6190

News
  
  Contact:       William K. Hamilton                Bradley D. Johnson
                 Media Relations                    Investor Relations
                 419/248-6190                       419/248-6952
  
          Owens Corning Declares Quarterly Dividend
            announces new shareholder rights plan
                              
TOLEDO, Ohio, December 12, 1996 - The board of directors of
Owens Corning (NYSE, TSE: OWC) today declared a quarterly
dividend of 6.25 cents per share of common stock, payable
January 15, 1997 to shareholders of record as of December
31, 1996.

The board also adopted a new shareholder rights plan to
replace an existing plan that expires December 30, 1996.
The new rights plan is intended to enhance the ability of
the board of directors to act in the best interest of
shareholders in the event of any proposed takeover.  The
plan was not adopted in response to any specific effort to
gain control of Owens Corning, and the board is not aware of
any such effort.

Under the new plan, shareholders will receive one right to
purchase one one-hundredth of a share of Series A
Participating Preferred Stock, at an exercise price of $190
for each share of Owens Corning common stock held at the
close of business on December 30, 1996.  The rights will
become exercisable in the event that any person or group
acquires 15 percent or more of the company's common stock or
announces a tender offer for 15 percent or more of the
company's common stock.

Should any person acquire 15 percent or more of Owens
Corning common stock, (other than pursuant to a tender offer
for all outstanding common stock at a price and on terms
determined to be fair by a majority of Owens Corning's
independent directors), all rights not held by the 15
percent stockholder become rights to purchase Owens Corning
common stock at a 50 percent discount.
                          - more -
                              
                        OWENS CORNING







The rights, which have a 10-year term, may be redeemed for
$0.01 per right by the board of directors at any time prior
to the time the rights become exercisable.
                              
Owens Corning is a world leader in high performance glass
composites and building materials.  The Toledo, Ohio-based
company had 1995 sales of $3.6 billion and employs
approximately 18,000 people in more than 30 countries.  The
company's website can be found at
http://www.owenscorning.com.

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