-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HD4CD9GBAUY2ab5ACEa6rSyGfYaBl4Ofijix7VKtJ3MKiJ8FpVwefQ+qQ1CVB9V7 wAESM3v4jl/YghGN/GmlBQ== 0000075234-03-000027.txt : 20030627 0000075234-03-000027.hdr.sgml : 20030627 20030627110710 ACCESSION NUMBER: 0000075234-03-000027 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20021230 FILED AS OF DATE: 20030627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OWENS CORNING CENTRAL INDEX KEY: 0000075234 STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290] IRS NUMBER: 344323452 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03660 FILM NUMBER: 03759929 BUSINESS ADDRESS: STREET 1: OWENS CORNING WORLD HEADQUARTERS STREET 2: ONE OWENS CORNING PKWY CITY: TOLEDO STATE: OH ZIP: 43659 BUSINESS PHONE: 4192488000 MAIL ADDRESS: STREET 1: OWENS CORNING WORLD HEADQUARTERS STREET 2: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 FORMER COMPANY: FORMER CONFORMED NAME: OWENS CORNING FIBERGLAS CORP DATE OF NAME CHANGE: 19920703 11-K 1 f11k_2002savandsecplan.htm OWENS CORNING 2002 SAV SEC PLAN

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal period ended December 30, 2002


OWENS CORNING
SAVINGS AND SECURITY PLAN

OWENS CORNING
One Owens Corning Parkway
Toledo, Ohio 43659

Commission File No. 1-3660

REQUIRED INFORMATION

(a)  

Financial Statements.


1.  

2002 Report of Independent Auditors


2.  

Statements of Net Assets Available for Benefits – as of December 31, 2002, December 30, 2002 and December 30, 2001


3.  

Statements of Changes in Net Assets Available for Benefits – for the day ended December 31, 2002 and the years ended December 30, 2002 and December 30, 2001


4.  

Notes to Financial Statements


5.  

Schedule H, line 4i – Schedule of Assets (Held at End of Year) December 31, 2002


6.  

Schedule H, line 4i – Schedule of Assets (Held at End of Year) December 30, 2002


(b)  

Exhibits.


   

Consent of PricewaterhouseCoopers LLP, Exhibit (23)


   

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the period ended December 30, 2002 (Plan Administrator), Exhibit (99)


   

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the period ended December 30, 2002 (Financial Specialist), Exhibit (99)


In accordance with the instructions to this Form 11-K, “plans subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) may file plan financial statements and schedules prepared in accordance with the financial reporting requirements of ERISA.” As the Plan is subject to the filing requirements of ERISA, the aforementioned financial statements and schedules of the Plan have been prepared in accordance with such requirements. Certain schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure Under ERISA have been omitted because they are not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed by the undersigned hereunto duly authorized.

  OWENS CORNING
SAVINGS AND SECURITY PLAN
 
 
  By: /s/ Richard C. Tober
 
  Richard C. Tober
  Plan Administrator
 
  Dated: June 23, 2003

Owens Corning
Savings and Security Plan
Financial Statements
December 31, 2002 and December 30, 2002 and 2001

Owens Corning
Savings and Security Plan


Index
December 31, 2002 and December 30, 2002

  Page
Financial Statements  
Report of Independent Auditors 2
 
Statements of Net Assets Available for Benefits as of December 31, 2002 and
  December 30, 2002 and 2001
3
 
Statements of Changes in Net Assets Available for Benefits for the day ended
   December 31, 2002 and for the years ended December 30, 2002 and 2001
4
 
Notes to Financial Statements 5-10
 
Schedule H, line 4i - Schedule of Assets (Held at End of Year) December 31, 2002* 11
 
Schedule H, line 4i - Schedule of Assets (Held at End of Year) December 30, 2002* 12
 

*Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.

Report of Independent Auditors

To the Participants and Administrator of the
Owens Corning Savings and Security Plan:

In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of Owens Corning Savings and Security Plan (the “Plan”) at December 31, 2002, December 30, 2002 and December 30, 2001, and the changes in net assets available for benefits for the day ended December 31, 2002 and the years ended December 30, 2002 and December 30, 2001 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of Assets (Held at End of Year) are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

June 23, 2003
Toledo, Ohio

Owens Corning
Savings and Security Plan


Statements of Net Assets Available for Benefits

December 31, December 30,
2002 2002 2001
Assets:                
     Investments:  
        Mutual funds:  
          Fidelity Retirement Money Market  
              Portfolio   $ 30,442,577   $ 30,359,255   $ 24,022,491  
          Fidelity Low-Priced Stock Fund    11,553,654    11,470,885    11,760,485  
          Fidelity Puritan Fund     8,914,263     8,897,327     9,140,363  
          Fidelity Blue Chip Growth Fund     5,782,729     5,832,589     6,435,858  
          Spartan U.S. Equity Index Fund     5,008,421     5,005,806     6,168,450  
          Fidelity Growth & Income Portfolio     3,752,872     3,755,838     3,903,638  
          Fidelity Aggressive Growth Fund     2,828,725     2,823,669     4,970,233  
          Fidelity Investment Grade Bond Fund     2,136,619     2,130,604     1,332,900  
          Fidelity Diversified International Fund     2,110,828     2,095,747     2,096,630  
          Fidelity Growth Companies     695,434     694,256     -  
          Fidelity U.S. Bond Index     630,680     629,242     -  
          Fidelity Freedom 2020     396,995     395,758    212,373  
          Fidelity Freedom 2010     333,897    333,897    165,821  
          Fidelity Freedom 2000    303,681    303,883    215,466  
          Fidelity Freedom 2030    208,687    208,483    101,832  
          Fidelity Freedom 2040    154,905    154,641    138,221  
          Spartan Extended Market Index    67,056    66,673    -  
          Fidelity Freedom Income    61,746    61,746    15,149  



        Total mutual funds    75,383,769    75,220,299    70,679,910  
                      
        Company common stock*    426,034    436,190    2,102,668  
        Loans to participants (Note 4)    4,835,369    4,857,553    4,150,450  



     Total investments    80,645,172    80,514,042    76,933,028  
                      
     Due from Owens Corning    4,985,220    4,985,220    3,811,205  
     Contribution receivable    208,789    208,789    192,718  



Total Assets    85,839,181    85,708,051    80,936,951  



Liabilities:  
     Due to participants    (20,929 )  (20,929 )  -  



        Total liabilities    (20,929 )  (20,929 )  -  



Net assets available for benefits   $ 85,818,252   $ 85,687,122   $ 80,936,951  



*Nonparticipant-directed (Note 3)

The accompanying notes are an integral part of the financial statements.

Owens Corning
Savings and Security Plan


Statements of Changes in Net Assets Available for Benefits

For the day ended For the year ended
December 31, December 30,
2002 2002 2001
Investment income (loss):                
     Interest and dividends   $ 39,020   $ 1,269,323   $ 2,311,727  
     Interest on loans to participants          291,808    340,973  
     Realized loss on disposition  
         of investments    (16,385 )  ( 8,707,422 )  ( 6,207,495 )
     Unrealized appreciation  
         (depreciation) of investments    123,750    ( 1,851,916 )   3,190,732  



     146,385    ( 8,998,207 )  ( 364,063 )



Contributions:  
     Participants     37,391    12,670,878    12,829,012  
     Owens Corning     -    10,097,746     9,006,817  



      37,391    22,768,624    21,835,829  



Deductions:  
     Distributions to participants    (52,614 )  ( 8,816,342 )  ( 8,539,449 )
     Administrative expenses and other    (32 )  (203,904 )  (225,340 )



     (52,646 )  ( 9,020,246 )  ( 8,764,789 )



         Net increase     131,130     4,750,171  12,706,977



Net assets available for benefits:  
     Beginning of period     85,687,122     80,936,951     68,229,974  



     End of period   $ 85,818,252   $ 85,687,122   $ 80,936,951  



The accompanying notes are an integral part of the financial statements.

Owens Corning
Savings and Security Plan


Notes to Financial Statements

1.        Summary of Significant Provisions of the Plan and Accounting Policies

            Operations of the Plan

  The Owens Corning Savings and Security Plan (the “Plan”) principally benefits designated groups of hourly employees of Owens Corning and certain subsidiaries (the “Company”). An eligible employee may elect to enroll in the Plan at any time.

  Previously the Plan’s fiscal year ended on December 30. Effective December 31, 2001, the Plan has elected to change the date of its year-end. Beginning on December 31, 2002, the plan year shall be a one-day plan year ending on December 31, 2002. Each plan year thereafter shall be the 12-month period beginning on January 1 and ending on the next following December 31.

  Administrative expenses of the Plan are charged to the Plan and include professional fees, accounting and other administrative expenses.

  Plan investments elections are shares of mutual funds managed by Fidelity Investments and Company stock. Fidelity Investments is the trustee (the “Trustee”) as defined by the Plan and the Company is the plan sponsor. Therefore, these transactions qualify as party-in-interest transactions.

  The following descriptions of the Plan provide only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

            Plan contributions

  During 2001, participants could elect to contribute from 1% to 15% of their base pay to the Plan. Beginning January 1, 2002, participants could elect to contribute from 1% to 30% of their base pay to the Plan. Beginning January 31, 2003, participants may elect to contribute from 1% to 50% of their base pay to the Plan. All or a portion of participants’ contributions may be designated at participants’ options as deferred income up to the maximum allowed by federal law, pursuant to Section 401(k) of the Internal Revenue Code. These contributions are not subject to Federal income tax until such amounts are distributed to the participants. The Plan requires remittance of participant contributions to the Trustee when deducted from participants’ paychecks.

  The Plan may provide a retirement contribution equal to a specified percentage of eligible pay (which percentage varies by employee group) for participants who work at a plant or business unit where a defined benefit pension plan is not available. Company contributions relating to the retirement contribution are invested according to the participant’s elections at the time of contribution.

Owens Corning
Savings and Security Plan


Notes to Financial Statements

1.        Summary of Significant Provisions of the Plan and Accounting Policies (continued)

            Plan contributions (continued)

  During 2001 and 2002, the Company matched 50% of all participants’ contributions up to 10% of eligible compensation at a majority of locations. At most remaining locations the Company matched 50% of all participants’ contributions up to 5% of eligible compensation. The Company may match participant contributions at various negotiated rates at the remaining locations. Beginning January 1, 2003, the Company will match 100% of all participants’ contributions up to 5% of eligible compensation, at most locations. The participants earned discretionary profit sharing contributions of approximately $4,896,000 and $3,811,000 for the years ended December 30, 2002 and 2001, respectively. The participants earned no discretionary profit sharing contributions for the day ended December 31, 2002. The discretionary profit sharing contributions for the years ended December 30, 2002 and 2001 were fully paid subsequent to the Plan’s year-end and are included as Due from Owens Corning in the related Statement of Net Assets Available for Benefits. The discretionary profit sharing contribution declared for the year ended December 30, 2002 was still outstanding as of December 31, 2002 and is included as Due from Owens Corning in the related Statement of Net Assets Available for Benefits. Effective as of January 1, 2003, no profit sharing contributions will be made to the plan. All Company contributions are invested according to the participant’s elections at the time of the contribution.

  Included in participant contributions for the years ended December 30, 2002 and 2001, in the accompanying financial statements is approximately $948,000 and $484,000, respectively, of rollovers from other plans, including a salaried savings plan maintained by the Company. No amounts for rollovers from other plans were included in participant contributions for the day ended December 31, 2002.

            Plan investment options

  Participants elect to have their contributions invested in 1% increments among the investment funds made available under the Plan. Participants may change their investment options and contribution rate on a daily basis and redistribute their account balances daily. Participants may discontinue their contributions to the plan at any time. The Trustee, at its sole discretion subject to the provisions in the trust agreement, may hold any portion of any contribution in cash, which it considers necessary to meet anticipated disbursements.

            Basis of accounting

  The accompanying financial statements have been prepared on the accrual basis. Investments are reported at quoted market values and trades are recorded at market value on the date of trade.

Owens Corning
Savings and Security Plan


Notes to Financial Statements

1.        Summary of Significant Provisions of the Plan and Accounting Policies (continued)

            Use of estimates

  The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

            Reclassifications

  Certain amounts in the 2001 financial statements have been reclassified to conform with the presentation for the periods ended December 31, 2002 and December 30, 2002.

            Income taxes

  The Internal Revenue Service has issued a determination letter dated March 27, 1996, stating that the Plan meets the requirements of Section 401(a) of the Internal Revenue Code (the “Code”) and that the trust is exempt from taxation under Section 501(a) of the Code. Participants generally are not subject to Federal income tax on Company contributions or fund earnings until those amounts are distributed to them. Participants may elect to designate all or a portion of their contributions to the Plan as deferred income pursuant to Section 401(k) of the Code. This election permits the participants to exclude from gross taxable income for Federal tax purposes that portion of their contributions so designated, subject to certain limitations, until such time as they are withdrawn from the Plan. The Plan Agreement has had several amendments since the determination letter was issued. Management believes that the amendments do not change the Plan’s status for meeting the requirements of Section 401(a) of the Internal Revenue Code and that the trust is still exempt from taxation.

            Proceedings in the event of Plan termination

  Although it has not expressed any intent to do so, the Company has the right to terminate the Plan. In the event of termination or upon a permanent discontinuance of Company contributions, the Plan accounts of each participant not previously vested would become fully vested. Participants would, in accordance with the terms of the Plan, receive their contributions to the Plan as well as Company contributions to the Plan on their behalf and the earnings on those contributions.

Owens Corning
Savings and Security Plan


Notes to Financial Statements

1.        Summary of Significant Provisions of the Plan and Accounting Policies (continued)

            Master Trust

  Prior to January 1, 2001, the investments of the Plan were included in the Owens Corning Savings Plans Master Trust (the “Master Trust”), which was established for the investment of the assets of the Plan and another savings plan of the Company. As of January 1, 2001, the Master Trust was dissolved and the Plan’s investments in assets were changed to direct investment in mutual funds, Company common stock, and loans to participants included in the Statements of Net Assets Available for Benefits. All periods presented reflect this change.

2.        Plan Sponsor Voluntary Petition For Relief Under Chapter 11

  As discussed in Note 1 of the Company’s 2002 financial statements included in its annual report filed on Form 10-K, the Company filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code on October 5, 2000. The United States Bankruptcy Court for the District of Delaware approved the Company’s motion to continue to operate the Plan. The Plan will continue to be funded in accordance with the Plan Agreement provisions subject to the outcome of the Chapter 11 bankruptcy proceedings noted above.

3.        Nonparticipant-Directed Investments

             Information about the significant components of the net assets and changes in net assets available for benefits relating to the nonparticipant-directed investment in Company common stock is as follows:

December 31, December 30,
2002 2002 2001
Net assets available for benefits:                
     Plan interest in Company  
         common stock   $ 426,034   $ 436,190   $ 2,102,668  



Changes in net assets available for benefits:  
     Realized loss on disposition  
         of assets   $ (12,695 ) $ ( 5,706,485 ) $ ( 4,843,997 )
     Unrealized appreciation  
         of investments    2,555    4,310,015     6,185,228  



     (10,140 )  (1,396,470 )  1,341,231  
 
Distributions and other    (16 )  (270,008 )  ( 355,355 )



    $ (10,156 ) $ (1,666,478 ) $ 985,876  



Owens Corning
Savings and Security Plan


Notes to Financial Statements

4.        Loans

  Loans may be made from the Plan to active participants. The total amount a participant may borrow is the lesser of $50,000 or 50% of their total vested account balance, limited to the total of contributions designated as before-tax and related earnings. The minimum amount available for a loan is $1,000. The total amount a participant may borrow is reduced by the highest outstanding loan balance in the prior one-year period.

  Loans advanced are repaid through regular payroll deductions with interest equal to the prime rate in effect on the last business day of the month prior to the employee’s loan application.

  A loan can be requested for any reason. A borrower has from one to five years to repay the loan. Repayments of principal and interest are invested in one of the eighteen investment funds in accordance with the borrower’s investment elections.

  Interest earned on participant loans was immaterial for the one day period ended December 31, 2002.

5.        Vesting, Forfeitures and Distributions

  At a majority of locations certain participants become 100% vested in Company contributions and earnings thereon after five years of completed service at a rate of 20% per year. At most remaining locations participants become 100% vested after three years of completed service. Such amounts also become fully vested upon termination of the participant’s employment due to retirement, disability or death, involuntary termination of the participant’s employment (other than for cause), termination of the Plan, or permanent discontinuance of the prescribed Company contributions to the Plan.

  Such vested contributions and earnings thereon are automatically distributable after termination and upon attaining 65 years of age or death, whichever is earlier. If termination of employment occurs for any reason other than attaining 65 years of age or death, the participant’s account will become distributable at 65 years of age or death unless an election for immediate distribution is filed within 90 days of termination with the plan administrator.

Owens Corning
Savings and Security Plan


Notes to Financial Statements

5.        Vesting, Forfeitures and Distributions (continued)

  Participants may make certain withdrawals from their accounts. After-tax contributions and the related earnings are eligible for withdrawal up to two times each calendar year, once between January 1 and June 30 of the year, and again between July 1 and December 31 of the year. Participants over age 65 may make withdrawals of Company contributions during the same periods. No other withdrawals of Company contributions can be made during employment. Participants who voluntarily terminate or are terminated for cause will forfeit the non-vested portion of the Company contributions and related earnings. Forfeitures are applied to reduce subsequent Company contributions to the Plan. There were no forfeitures during the day ended December 31, 2002 and the market value of the underlying investments forfeited by employees withdrawing from the Plan was approximately $125,000 and $72,000 in the years ended December 30, 2002 and 2001, respectively.

  Participants aged 59-1/2, or older, may withdraw all or a portion of their before-tax contributions and earnings up to two times each calendar year on the same dates as discussed above. Otherwise, before-tax contributions may be withdrawn only under serious financial hardship. Earnings credited to the before-tax contributions before 1989, if any, are available for withdrawal only if participants can show evidence of a serious financial hardship.

  Company contributions and earnings thereon subsequent to December 30, 1989, cannot be withdrawn by Participants, even if vested, unless terminated, retired, 65 years of age or deceased.

  Included in distributions to participants in the accompanying financial statements for the years ended December 30, 2002 and 2001 is approximately $361,000 and $104,000, respectively, of transfers to a salaried savings plan maintained by the Company. There were no transfers to such salaried savings plan during the day ended December 31, 2002.

Owens Corning
Savings and Security Plan


Schedule H, line 4i – Schedule of Assets (Held at End of Year)
December 31, 2002

Identity of
Issuer Description of Investment       Cost Current
 
Fidelity**     Retirement Money Market Portfolio     $          *     $ 30,442,577  
            Low-Priced Stock Fund               *    11,553,654  
            Puritan Fund               *     8,914,263  
            Blue Chip Growth Fund               *     5,782,729  
            Growth & Income Portfolio               *     3,752,872  
            Aggressive Growth Fund               *     2,828,725  
            Investment Grade Bond Fund               *     2,136,619  
            Diversified International Fund               *     2,110,828  
            Growth Companies               *     695,434  
            U.S. Bond Index               *     630,680  
            Freedom 2020               *     396,995  
            Freedom 2010               *     333,897  
            Freedom 2000               *     303,681  
            Freedom 2030               *    208,687  
            Freedom 2040               *    154,905  
            Freedom Income               *     61,746  
                                 
Spartan   U.S. Equity Index Fund               *     5,008,421  
            Extended Market Index               *     67,056  
                                 
Owens Corning**   Company common stock       32,924,847    426,034  
            Loans to participants (Note 5)               *      4,835,369  
                               80,645,172  
                                 

*Cost not included, as funds are participant directed
**Represents a party-in-interest

Owens Corning
Savings and Security Plan


Schedule H, line 4i – Schedule of Assets (Held at End of Year)
December 30, 2002

Identity of
Issuer Description of Investment       Cost Current
 
Fidelity**     Retirement Money Market Portfolio     $          *     $ 30,359,255  
            Low-Priced Stock Fund               *    11,470,885  
            Puritan Fund               *     8,897,327  
            Blue Chip Growth Fund               *     5,832,589  
            Growth & Income Portfolio               *     3,755,838  
            Aggressive Growth Fund               *     2,823,669  
            Investment Grade Bond Fund               *     2,130,604  
            Diversified International Fund               *     2,095,747  
            Growth Companies               *     694,256  
            U.S. Bond Index               *     629,242  
            Freedom 2020               *     395,758  
            Freedom 2010               *     333,897  
            Freedom 2000               *     303,883  
            Freedom 2030               *    208,483  
            Freedom 2040               *    154,641  
            Freedom Income               *     61,746  
                                 
Spartan   U.S. Equity Index Fund               *     5,005,806  
            Extended Market Index               *     66,673  
                                 
Owens Corning**   Company common stock     32,937,698    436,190  
            Loans to participants (Note 5)               *    4,857,553  
                               80,514,042  
                                 

*Cost not included, as funds are participant directed
**Represents a party-in-interest

EX-23 3 f11k_ex23savandsecplan.htm CONSENT OF INDEPENDENT ACCOUNTANTS SAV SEC PLAN

Exhibit 23

CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 and S-3 (Nos. 33-9563, 33-9986, 33-18262, 33-20997, 33-27209, 33-31687, 33-48707, 33-57886, 33-60487, 333-09367, 333-47961, 333-48153, 333-76715, 333-76717, 333-76765, 333-40818 and 333-40824) of Owens Corning of our report dated June 9, 2003 relating to the financial statements of Owens Corning Savings and Security Plan, which appears in this Form 11-K.

/s/ PricewaterhouseCoopers LLP

Toledo, Ohio
June 23, 2003

EX-99 4 f11k_ex99tober30savsecplan.htm TOBER 1230 SAV SEC PLAN CERTIFICATION

Exhibit 99

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of The Owens Corning Savings and Security Plan (the “Plan”) on Form 11-K for the period ended December 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard C. Tober, Plan Administrator for the Plan, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


(2)

Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Plan.


 

 

/s/ Richard C. Tober
Plan Administrator

June 23, 2003

 

 

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Plan for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906 has been provided to Owens Corning and will be retained by Owens Corning and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99 5 f11k_ex99horn30savsecplan.htm HORNBACHER 1230 SAV SEC PLAN CERTIFICATION

Exhibit 99

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of The Owens Corning Savings and Security Plan (the “Plan”) on Form 11-K for the period ended December 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Barry G. Hornbacher, Financial Specialist for the Plan, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


(2)

Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Plan.


 

 

/s/ Barry G. Hornbacher
Financial Specialist

June 23, 2003

 

 

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Plan for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by Section 906 has been provided to Owens Corning and will be retained by Owens Corning and furnished to the Securities and Exchange Commission or its staff upon request.

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