Sustainability and Business Growth: Insights from Owens Corning's Naren Srinivasan
Although Naren Srinivasan joined Owens Corning in December 2022, he brings a significant wealth of expertise to the organization. His prior experience in investment banking included coverage of the building materials sector early in his career, and he has closely monitored the industry's evolving trends. Naren is deeply committed to incorporating sustainable practices into his personal life, ranging from recycling to composting. Despite being a relatively recent addition to the Owens Corning team, Naren emphasizes the importance of responsible business growth.
During my upbringing, the prevailing perspective was to exercise caution in using one's possessions, a value I instill in my children today.
Regarding our unique approach to acquisitions:
Sustainability plays a crucial role in both identifying suitable acquisition targets and our due diligence process. We don't merely evaluate how an acquisition can expand our customer base, product offerings, or technological capabilities; we also consider how it can align with our sustainability objectives or enhance the sustainability profile of the target company. I believe that more companies worldwide are embracing this approach. Compared to my experiences before joining Owens Corning, the emphasis on sustainability in the M&A decision-making process was limited, making this a particularly exciting and significant development for me.
On the interconnectedness of business growth and sustainability:
In the construction sector, numerous trends are influencing building practices, from changing perceptions of urban living and infrastructure priorities to evolving construction techniques like prefabrication in response to labor challenges. When we contemplate our growth aspirations and align them with sustainable growth, it becomes evident how closely they are intertwined. As we develop new products, we ensure they address the evolving construction landscape's needs while also adhering to our sustainability goals. Many discussions about our company's growth initiatives are inherently linked to sustainability, both at the company and team levels.
On using Europe as a sustainability benchmark for the global perspective:
Over the past 15 to 20 years, Europe has consistently set standards for sustainability, setting a precedent that customers and consumers around the world are increasingly seeking. From a strategic standpoint, I've regarded Europe as a predictor of trends that may emerge in North America. Consequently, we've witnessed investments and innovations from companies in novel materials and products, more sustainable roofing and insulation systems, and carbon/emission capture and material recycling. Europe has been a hub of remarkable innovation, and we are now witnessing similar developments in the United States, particularly in terms of durability and energy efficiency improvements. This trend is truly fantastic.
During my upbringing, the prevailing perspective was to exercise caution in using one's possessions, a value I instill in my children today.
Regarding our unique approach to acquisitions:
Sustainability plays a crucial role in both identifying suitable acquisition targets and our due diligence process. We don't merely evaluate how an acquisition can expand our customer base, product offerings, or technological capabilities; we also consider how it can align with our sustainability objectives or enhance the sustainability profile of the target company. I believe that more companies worldwide are embracing this approach. Compared to my experiences before joining Owens Corning, the emphasis on sustainability in the M&A decision-making process was limited, making this a particularly exciting and significant development for me.
On the interconnectedness of business growth and sustainability:
In the construction sector, numerous trends are influencing building practices, from changing perceptions of urban living and infrastructure priorities to evolving construction techniques like prefabrication in response to labor challenges. When we contemplate our growth aspirations and align them with sustainable growth, it becomes evident how closely they are intertwined. As we develop new products, we ensure they address the evolving construction landscape's needs while also adhering to our sustainability goals. Many discussions about our company's growth initiatives are inherently linked to sustainability, both at the company and team levels.
On using Europe as a sustainability benchmark for the global perspective:
Over the past 15 to 20 years, Europe has consistently set standards for sustainability, setting a precedent that customers and consumers around the world are increasingly seeking. From a strategic standpoint, I've regarded Europe as a predictor of trends that may emerge in North America. Consequently, we've witnessed investments and innovations from companies in novel materials and products, more sustainable roofing and insulation systems, and carbon/emission capture and material recycling. Europe has been a hub of remarkable innovation, and we are now witnessing similar developments in the United States, particularly in terms of durability and energy efficiency improvements. This trend is truly fantastic.
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