Fiberglass, roofing and insulation giant Owens Corning Composite Materials LLC of Toledo is mounting a $24.5 million expansion of its operation in Fort Smith, the Arkansas Economic Development Commission announced Tuesday.
The publicly traded company (NYSE: OC) is expanding its facility on Planters Road by 70,000 SF, adding new machinery and creating 50 jobs. The completion date is early 2025.
It's the company's second major growth project in Fort Smith in the past two years. In February 2021, Owens Corning began building a new 550,000-SF manufacturing facility adjacent to its existing plant. The new site is scheduled for completion in mid-2023.
The latest project qualified for the following state incentives: the Tax Back program, which provides sales and use tax refunds on the purchase of building materials and taxable machinery, and seven years of the Create Rebate program, an annual cash rebate based on the number of jobs added by a company and targeted wages.
Owens Corning began production in Fort Smith in 1984. The plant produces fiberglass mats for roofing products and other nonwoven applications.
"We are excited to add capacity in Fort Smith and create additional jobs in a community that we have been a part of for 37 years,” Rachel Marcon, Owens Corning's vice president and general manager of nonwoven products, said in a news release. “We appreciate the support and partnership with the State of Arkansas in this expansion.”