Owens Corning to license technology expertise to EICO

Jubail, Saudi Arabia – October 17, 2016 

Eastern Industrial Company (EICO) announced today that it has signed a non-binding agreement with Owens Corning (NYSE: OC), a global market leader in insulation, roofing, and fiberglass composites, to serve the growing Middle East and North Africa composites market with Owens Corning products. Definitive agreements are expected to be signed by the end of 2016.

The contemplated licensing and supply agreements would establish EICO as an exclusive licensee for certain of Owens Corning’s glass fiber reinforcement products and process technology in the Middle East and North Africa (MENA) region, while elevating EICO’s capability to manufacture to Owens Corning product specifications and quality. This cooperation would support the companies’ anticipated opportunities in the growing Middle East markets by expanding the existing production capacity in Saudi Arabia beginning in 2018.  The agreements would also add value to EICO’s commercial strategy and provide it the opportunity to sell these licensed products into Turkey.  Owens Corning, in turn, would be positioned to gain additional capacity to enhance its well-established presence in the European market.

“We are truly delighted at the prospect of establishing this relationship with Owens Corning,” said Mohamed Wahby, Acting Managing Director of EICO. “We look forward to working with Owens Corning to deliver best-in-class products and technology from our plant in Saudi Arabia. EICO is committed to serve the customers and grow the availability and use of glass reinforced composites in Saudi Arabia and the Gulf Cooperation Council (GCC) countries, as well as the wider MENA and Turkey markets. There is no better partner to support us than Owens Corning.”

Fiberglass-Reinforced Polymer (FRP) composites are a safe and a reliable solution, able to face harsh conditions and outperform traditional materials. FRP composites are light weight, high strength, easy to shape at relatively low cost, durable with low maintenance requirements, corrosion resistant in severe chemical and temperature environments, and offer significant cost savings thanks to their low weight and high mechanical properties. In fact, the use of composites in many applications reduces manufacturing, shipping and maintenance costs compared to traditional materials.

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About Eastern Industrial Company
Eastern Industrial Company (EICO) is the leading provider of glass fiber reinforcements to the GCC and MENA regions. EICO manufactures its range of E-CR glass fiber reinforcements in its state-of-the-art plant in Jubail, Kingdom of Saudi Arabia. EICO started commercial operations in late 2015.

Inquiries: 
Eastern Industrial Company
David Garner
Sales & Marketing Director
d.garner@eico.com.sa

© Press Release 2016