Corning Breaks Ground on Shanghai Automotive Substrate Facility Expansion
09 Novembro 2010 - 11:00PM
Business Wire
Corning Incorporated (NYSE: GLW) today broke ground on the
previously announced $125 million expansion of Corning Shanghai
Company Limited, Corning’s automotive substrate facility in
Shanghai, China. Members of the Chinese government, employees, and
customers attended the ceremony. The expansion is expected to be
operational in the second half of 2012.
“Today marks the second expansion of Corning’s automotive
substrate facility and is another milestone in our commitment to
China,” said Eric S. Musser, chief executive officer of Corning
Greater China. “As the first substrate manufacturer to enter China
10 years ago, we are proud that Corning’s advanced emissions
control products continue to help reduce vehicle emissions.”
“The automotive market in China is expected to grow steadily
over the next few years,” said Thomas H. Lynch, general manager of
Corning Shanghai Company Limited. “Tighter regulations, including
the Euro 4 regulations that were recently adopted by Beijing and
Shanghai, are driving the demand for Corning’s innovative emissions
control products. Increasing light-duty substrate capacity at this
facility will help light-duty customers in China and around the
world to meet current and future requirements.”
Corning Shanghai Company Limited (CSCL) is wholly owned by
Corning Incorporated. The facility features state-of-the-art,
high-tech emissions control substrate technologies. It began
shipping products in early 2001. In addition to manufacturing
advanced substrates, CSCL also includes sales, marketing and
engineering operations that provide world-class service for Corning
customers in China and throughout Asia.
Corning is a leading supplier of advanced catalytic converter
substrates and particulate filters, supplying the world's major
manufacturers of gasoline and diesel engines and vehicles. The
company invented an economical, high-performance cellular ceramic
substrate in the early 1970s that is now the standard for catalytic
converters worldwide. Corning also developed the cellular ceramic
particulate filter to remove soot from diesel engine emissions in
1978.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning’s financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning’s filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the day that they are made, and Corning undertakes no obligation to
update them in light of new information or future events.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 150 years of
materials science and process engineering knowledge, Corning
creates and makes keystone components that enable high-technology
systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass
substrates for LCD televisions, computer monitors and laptops;
ceramic substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery;
and other advanced optics and specialty glass solutions for a
number of industries including semiconductor, aerospace, defense,
astronomy and metrology.
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