Owens-Corning offered an early retirement plan.

The Toledo, Ohio, building products maker, which chose to restructure rather than be acquired by Wickes Cos., notified workers of a plan whereby they could retire and receive half of their salary for two years. The voluntary plan applies to salaried workers over 55 years old who have at least 10 years with the firm. The plan is designed to help Owens-Corning cut $120 million a year in expenses. The company also announced plans to regroup into three divisions--construction products, industrial materials and international.