SHANGHAI--(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.