Owens Corning investing almost $15 million on Fort Smith plant expansion

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by Talk Business & Politics staff ([email protected]) April 29, 2024 7:17 pm 2,013 views 

Owens Corning is investing almost $15 million on a significant expansion of its original Fort Smith plant built in 1984. The expansion follows recent completion of an adjacent new plant that was estimated to cost at least $115 million.

According to City of Fort Smith building permit info, expansion of the original plant received a permit for $1.309 million in foundation work, and $13.355 million for the remainder of the work, resulting in a total permitted construction cost of $14.664 million.

Permit info shows that the work will add 47,165 square feet to the 75,162-square-foot manufacturing plant. The plant, located at 5520 Planters Road, produces mat for roofing 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 were unsuccessful to contact Owens Corning to determine existing job numbers at the plant and possible new jobs when the expansion is complete. This story will be updated if that information in received. As of late 2021, Owens Corning had about 80 workers at the original Fort Smith plant. The company has around 18,000 employees in 30 countries.

In February 2021 the company began to build a new 550,000-square-foot manufacturing facility in Fort Smith, adjacent to its existing plant on Planters Road. The company announced in February 2023 plans to build a square-foot plant in Russellville that is expected to add 50 jobs. The plant will produce the company’s insulation products. Company officials began construction in late 2023.

Owens Corning had first quarter revenue of $2.3 billion, down from $2.331 billion in the same quarter of 2023, the company reported April 24. First quarter net income was $299 million, down from $383 million in the same quarter of 2023. Earnings per share of $3.59 was well ahead of the consensus estimate of $3.04.

Owens Corning shares (NYSE: OC) closed Monday (April 29) at $171.68, up $3.18. During the past 52 weeks the share price has ranged between $173.65 and $103.41.