8-K

               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                             FORM 8-K
                          CURRENT REPORT


                 Pursuant to Section 13 or 15(d)
              of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 1998.

                           OWENS CORNING
      (Exact name of registrant as specified in its charter)
                          
                          
Delaware                                1-3660             34-4323452
(State or other jurisdiction            (Commission      (IRS Employer
of incorporation)                       File Number)     Identification No.)

One Owens Corning Parkway                                     43659
Toledo, Ohio                                                  (Zip Code)
(Address of principal executive offices)


                            (419) 248-8000
        (Registrant's telephone number, including area code)
        
                  



Item 5.  Other Events.

         (a)  July 31, 1998 Press Release:  On July 31, 1998,  Owens  Corning
(the "Company")  issued the Press Release attached hereto as Exhibit 99.   
Such  press  release  is  incorporated   herein   by   this reference.
     
          (b)  Exhibits:  The exhibits accompanying this report are listed in 
the accompanying Exhibit Index.
            
            
            
            

                                 SIGNATURES



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
     Registrant  has duly  caused this report to be signed on its  behalf  by
     the undersigned, hereunto duly authorized.
     
     
     
                                 OWENS CORNING
                                 Registrant
                                 
                                 By: /s/ Domenico Cecere
                                 Domenico Cecere
                                 Senior Vice President and
                                 Chief Financial Officer

Dated: August 4, 1998





                     EXHIBIT INDEX

The following exhibits are filed herewith as noted below.


Exhibit No.          Exhibit

99                   Press Release of Owens Corning dated August 4, 1998.

EX-99

                                                 Exhibit 99
     
     Owens  Corning, Groupe Porcher Industries Announce  Plans  to
     Form Joint Venture For Yarns and Specialty Materials
     
     On July 31, 1998, Owens Corning announced the formation of  a
     new joint venture, which will acquire the Company's yarns and
     specialty  materials business.  The joint venture partner  in
     the  new  company  is Groupe Porcher Industries,  Badinieres,
     France.
     
     Owens  Corning will receive approximately $550MM in cash  and
     will  continue  to participate as a 49% partner  in  the  new
     entity.
     
     Owens Corning has been evaluating the disposition of its yarn
     business, electing the joint venture route as the best  value
     for the company and its shareholders.
     
     While  Owens  Corning  has  transferred  certain  proprietary
     technology to the venture, this joint venture structure will
     permit Owens Corning to protect both its yarns technology and
     its  aligned  composites business intellectual property.  The
     ability  to  safeguard Owens Corning's intellectual  property
     and  to  continue  to participate in the  yarns  market  were
     significant factors in the decision.
     
     The  joint  venture agreements were signed on July 31,  1998.
     Closing  of  the  transaction is  anticipated  on  or  before
     September 30, 1998.