GLW Corning Inc

Dow Corning and Wacker Reach Agreement on Integrated Manufacturing Site in China Plant to be Built in Shanghai Area MUNICH, Germany and MIDLAND, Mich., Jan. 13 /PRNewswire-FirstCall/ -- Wacker-Chemie GmbH and Dow Corning Corp., have finalized the master agreement for their planned Asian joint ventures to produce silicone intermediates and fumed silica in the Shanghai area. According to the agreement that has been approved by both Boards of Directors, the partners intend to build a world-scale production complex for siloxane and fumed-silica. The joint ventures will involve capital expenditures totaling several hundred million dollars. Construction work is scheduled to start immediately upon issuing of the necessary licenses by the Chinese authorities. Dr. Stephanie Burns, President & CEO of Dow Corning and Dr. Peter-Alexander Wacker, President & CEO of WACKER Group both emphasize the strategic importance of the planned joint ventures: "China significantly outpaces average market growth. In just a few years from now, China will be one of the largest chemical markets worldwide. It is our goal to leverage the cost and quality advantages of an integrated site in China to benefit our respective local customers and help further develop local markets and communities." On the downstream side, WACKER and Dow Corning, independently, will continue to serve their particular customers. Consequently, they will develop and operate separately their own manufacturing facilities for finished products. About Wacker WACKER (http://www.wacker.com/) is a globally operating chemical company headquartered in Munich, Germany. Its portfolio focuses on semiconductor technology, silicone chemistry and specialty chemicals. The WACKER Group posted sales of around EUR 2.5 billion in 2003, of which 80 percent were generated outside Germany. WACKER employs 15,600 people at 22 production sites in Europe, the Americas and Asia, and over 100 sales offices worldwide. Ownership of WACKER is 51% held by the Dr. Alexander Wacker Familiengesellschaft mbH, Munich, Germany and 49% by Aventis S.A., Strasbourg, France. About Dow Corning Dow Corning (http://www.dowcorning.com/) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company (NYSE:DOW) and Corning, Incorporated (NYSE:GLW). More than half of Dow Corning's annual sales are outside the United States. DATASOURCE: Dow Corning Corp. CONTACT: U.S. - Mary Lou Benecke, +1-989-496-8689, Europe - Karen Heenan-Davies, +44-144-6-723-498, Asia - Liliana Ng, +852-2835-0387; or Europe - Christof Bachmair of Wacker, +49-89-6279-1830 Web site: http://www.dowcorning.com/ http://www.wacker.com/

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