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Company addresses adoption of new gasoline auto exhaust
filtration technology in China with increased capacity
CORNING, N.Y.; JULY 17, 2018 - Corning
Incorporated (NYSE: GLW) announced today that, with the support of
the Hefei government, it will be investing further in an expansion
of its new Environmental Technologies production facility in the
Hefei Xinzhan Hi-Tech Industrial Development Zone in the Anhui
Province, China. The additional investment is driven by growing
demand for Corning®
DuraTrap® GC gasoline
particulate filters and other emissions control products in
China.
Gasoline particulate filters (GPF) are critical
new components in helping automakers meet the new China 6
automotive emissions standard for gasoline vehicles, which will be
implemented beginning in 2020.
"Continued investment in Hefei will help Corning
serve customer demand throughout the Asia Pacific region for a
variety of emissions control products, including gasoline
particulate filters," said Wu Dan, regional operations director,
APAC, Corning Environmental Technologies, after a signing ceremony
with Hefei officials on July 16. "Corning has been committed to
supporting China's clean-air initiatives and auto industry since we
first entered the China market in the early 1980s and started local
emissions control production operations in 2001."
The existing Hefei facility will be scaling
operations over the first half of 2019, with initial production
focused on DuraTrap® GC filters.
Construction of the new expansion is expected to be completed next
year and production will coincide with China 6 regulatory
implementation. Designed for flexibility, the expansion will also
have the potential to meet future market demand for a variety of
emissions control products.
China will be the second market to introduce
particulate filtration of gasoline engine exhaust, after Europe
implements Euro 6d regulations in September this year. China 6
emissions standards call for a significant reduction in both
gaseous and fine particulate emissions from all gasoline engine
vehicles, under new real-driving emissions (RDE) testing. These
standards necessitate the use of particulate filtration in the
treatment of gasoline exhaust. Once China 6 regulations are fully
implemented in 2023, most gasoline vehicles in China will require a
gasoline particulate filter.
Leveraging particulate filters in gasoline systems
is an important engineering advancement for clean-vehicle
technology in China as gasoline vehicles continue to grow in
popularity. Advanced gasoline engines, including high-performance
gasoline-direct-injection (GDI) engines, offer consumers better
fuel economy without sacrificing engine performance. However, they
produce a high number of fine particulates, such as PM2.5, that
impact air quality and human health.
DuraTrap® GC filters
are engineered specifically for gasoline engines, giving automakers
a next-generation emissions control solution with proven capability
to deliver high filtration efficiency of fine particulates, helping
them introduce cleaner and safer gasoline vehicles that meet new
emissions standards.
Corning is a leading supplier of advanced
cellular ceramic substrates and ceramic particulate
filters for the world's major manufacturers of gasoline and diesel
vehicles. 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 material science and manufacturing to develop market-leading
emissions control solutions that help our customers meet new
emissions standards and enable cleaner air worldwide.
Caution Concerning
Forward-Looking 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 effects of acquisitions, dispositions and other
similar transactions by the Company, the effect of global business,
financial, economic and political conditions; tariffs and import
duties; currency fluctuations between the U.S. dollar and other
currencies, primarily the Japanese yen, New Taiwan dollar, euro,
Chinese yuan, and South Korean won; product demand and industry
capacity; competitive products and pricing; availability and costs
of critical components and materials; new product development and
commercialization; order activity and demand from major customers;
the amount and timing of our cash flows and earnings and other
conditions, which may affect our ability to pay our quarterly
dividend at the planned level or to repurchase shares at planned
levels; possible disruption in commercial activities due to
terrorist activity, cyber-attack, armed conflict, political or
financial instability, natural disasters, or major health concerns;
unanticipated disruption to equipment, facilities, IT systems or
operations; effect of regulatory and legal developments; ability to
pace capital spending to anticipated levels of customer demand;
rate of technology change; ability to enforce patents and protect
intellectual property and trade secrets; adverse litigation;
product and components performance issues; retention of key
personnel; customer ability, most notably in the Display
Technologies segment, to maintain profitable operations and obtain
financing to fund their ongoing operations and manufacturing
expansions and pay their receivables when due; loss of significant
customers; changes in tax laws and regulations including the Tax
Cuts and Jobs Act of 2017; and the potential impact of legislation,
government regulations, and other government action and
investigations.
For a complete listing of risks and other factors,
please reference the risk factors and forward-looking statements
described in our annual reports on Form 10-K and quarterly reports
on Form 10-Q. 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.
Web Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it uses its
website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors, or
supplemental to information contained in this or other press
releases. The list of websites and social media channels that the
company uses may be updated on Corning's media and website from
time to time. Corning encourages investors, media, and other
interested parties to review the information Corning may publish
through its website and social media channels as described above,
in addition to the company's SEC filings, press releases,
conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science, with a more than 165-year track record of
life-changing inventions. Corning applies its unparalleled
expertise in glass science, ceramic science, and optical physics
along with its deep manufacturing and engineering capabilities to
develop category-defining products that transform industries and
enhance people's lives. Corning succeeds through sustained
investment in RD&E, a unique combination of material and
process innovation, and deep, trust-based relationships with
customers who are global leaders in their industries.
Corning's capabilities are versatile and synergistic, which allows
the company to evolve to meet changing market needs, while also
helping our customers capture new opportunities in dynamic
industries. Today, Corning's markets include optical
communications, mobile consumer electronics, display technology,
automotive, and life sciences vessels. Corning's industry-leading
products include damage-resistant cover glass for mobile devices;
precision glass for advanced displays; optical fiber, wireless
technologies, and connectivity solutions for state-of-the-art
communications networks; trusted products to accelerate drug
discovery and delivery; and clean-air technologies for cars and
trucks.
Media Relations
Contact:
United States:
M. Elizabeth Dann
(607) 974-4989
dannme@corning.com
Agatha
Lutoborski
(607)
248-4320
lutoborsak@corning.com
Europe (Germany):
Andrea Bienko-Osann
49-611-7366-142
bienkoa@corning.com
China:
Cara Xie
86-21-2215-2888
XieZ3@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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