updated 3/30/2011 9:16:59 AM ET 2011-03-30T13:16:59

PHILADELPHIA, March 30, 2011 (GLOBE NEWSWIRE) -- Owens Corning, a leading global manufacturer of residential and commercial building materials, has signed a five-year contract with ICG Commerce, the leading comprehensive procurement solution provider. Through this new agreement, Owens Corning will leverage ICG Commerce's specialized procurement infrastructure which infuses teams of dedicated category experts, real-time market intelligence and proprietary technology into a comprehensive spend management process. The engagement will initially focus on optimizing spend in the areas of marketing, travel, legal, finance, consulting, rentals/leasing and human resources.

After conducting an analysis of available procurement solutions, Owens Corning selected ICG Commerce not only because of the breadth and depth of its infrastructure but also its track record of delivering sustainable value for other leading manufacturers.

"Owens Corning is driving towards a new standard of procurement, that includes applying deep category experts and domain knowledge across all areas of spend and delivering value that can have a meaningful financial impact on the business," said Carl Guarino, chief executive officer, ICG Commerce. "We are delighted to help them accelerate this impact."

The new relationship with Owens Corning reflects ICG Commerce's continued growth in the manufacturing industry. The company has also established a Manufacturing Executive Advisory Board, which met for the first time in March to discuss critical industry issues facing manufacturers. ICG Commerce also drives comprehensive procurement programs for a host of other leading manufacturers including, Goodyear, Timken, Greif, Doosan Infracore Construction Equipment and Cameron.

About ICG Commerce, Inc.

ICG Commerce, the leading procurement solution provider, is driving a fundamental change in the way today's businesses achieve financial agility and fund growth. ICG Commerce is the only procurement solution provider that has built a specialized infrastructure dedicated to helping companies optimize indirect spend and drive bottom line savings that strengthen their businesses. ICG Commerce is a privately held company and member of Internet Capital Group's (Nasdaq:ICGE) network of partner companies.  

The ICG Commerce, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6920

About Owens Corning 

Owens Corning (NYSE:OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A Fortune® 500 Company for 56 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.0 billion in 2010 and about 15,000 employees in 28 countries on five continents. Additional information is available at www.owenscorning.com.

CONTACT: Media Contact:
         Cheri Keith
         Racepoint Group for ICG Commerce
         781-487-4672
         ckeith@racepointgroup.com

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