Owens-Corning to Slash Its Work Force by 5,000

Owens-Corning Fiberglas, the world’s leading maker of glass fiber material, says it will lay off 5,000 workers nationwide.

The layoffs are part of a restructuring plan announced in August to thwart a $2.1-billion hostile takeover attempt by retailing conglomerate Wickes Cos., based in Santa Monica.

The restructuring plan includes selling off some divisions, adding debt, instituting a massive cost-cutting program and giving management and employee benefit plans a one-third stake in the company.

The plan will increase the company’s debt to $2.6 billion and force cutbacks of $120 million a year, the company said.

Owens-Corning will become a “no-frills” operation, Chairman William W. Boeschenstein said in announcing the layoffs. “It will be a new and different company, with an emphasis on cash control and cash generation,” he said.

Owens-Corning is also selling some divisions. The company has 7,800 salaried workers and 12,200 hourly employees across the country. Layoffs at some plants will occur by the end of this year and the rest in 1987, a spokesman said.

As part of the restructuring, Owens-Corning will sell its Aerospace & Strategic Materials Group in Newport Beach and other units.