Corning Announces Expansion of Clean Air Products Facility in China
21 Julho 2011 - 9:00AM
Business Wire
Corning Incorporated (NYSE: GLW) today announced that its board
of directors has approved a capital expenditure plan of
approximately $170 million to further increase the capacity of its
clean air products plant in Shanghai, China.
The investment will be used to expand the Corning Shanghai
Company Limited (CSCL) facility and to increase its capacity to
manufacture emissions control substrates for light-duty
(automotive) passenger vehicles. This expansion is expected to be
complete and operational in the third quarter of 2013.
Mark Beck, senior vice president and general manager, Corning
Environmental Technologies, said, “Global sales of automobiles,
particularly in China and across Asia, are forecasted to grow
steadily over the next several years, increasing demand for
Corning’s advanced substrates. Strict emissions regulations around
the world are driving vehicles to use more substrates than before
and to use advanced substrates. This significant investment will
help us to meet the growing demand. It also demonstrates our
commitment to improve service to our customers and to maintaining a
leadership position in the emissions control industry.”
“Corning has been investing in China for more than 25 years,”
said Eric S. Musser, chief executive officer of Corning Greater
China. “Today’s announcement, the third expansion of our automotive
substrate facility, marks another important milestone in our
commitment to China. As the first substrate manufacturer to enter
China 10 years ago, we are proud that we continue to support
China’s automotive industry through a combination of strategic
investments, innovative technologies, and values-based market
leadership.”
Corning Shanghai Company Limited, which is wholly owned by
Corning Incorporated, is a state-of-the-art, high-tech emissions
control substrate facility that first began shipping product in
early 2001. Corning first expanded the facility in 2007 and last
year announced a $125 million second expansion of the facility.
Production from this recent expansion is expected to begin shipping
in the second half of 2012. In addition to manufacturing advanced
substrates, CSCL also includes sales, marketing and engineering
support that provide world-class service for Corning customers in
China and throughout Asia.
Corning is a leading supplier of advanced cellular ceramic
substrates and diesel particulate filters for the world's major
manufacturers of gasoline and diesel engines. The company invented
an economical, high-performance, cellular ceramic substrate in the
early 1970s that is now the standard for catalytic converters
worldwide. In 1978, Corning developed the cellular ceramic
particulate filter to remove soot from diesel emissions. Corning
continues to leverage its expertise in materials, processes and
manufacturing to develop advanced ceramic substrates and diesel
particulate filters that help meet demanding mobile emissions
requirements.
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 160 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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