Corning Incorporated (NYSE: GLW) today hosted an opening ceremony for its new Environmental Technologies manufacturing facility in the Hefei Xinzhan Hi-Tech Industrial Development Zone in the Anhui Province, China.
The new Hefei facility is equipped to produce substrates and particulate filters for automotive emissions control, with initial production focused on meeting customer orders for the company’s gasoline particulate filter (GPF) product line, Corning? DuraTrap? GC filters.
“Today marks an important milestone for Corning’s commitment to China’s clean-air initiatives and to our automotive customers in the region,” said Hal Nelson, senior vice president and general manager, Corning Environmental Technologies. “This new state-of-the-art facility is critical to meet demand for innovative emissions control solutions in the world’s largest auto market.”
Introducing particulate filters in gasoline systems is an important engineering advancement for clean-vehicle technology in China. Gasoline engines produce a high number of fine particulates, such as PM 2.5, that impact air quality and human health. DuraTrap GC filters are engineered specifically for gasoline engines, with proven capability to deliver high filtration efficiency of fine particulates.
Demand for these new components is growing as automakers prepare to meet the China 6 automotive emissions standard for gasoline vehicles. Once China 6 regulations are fully implemented in 2023, most gasoline vehicles in China will require a gasoline particulate filter.
China will be the second market globally, after Europe, where particulate filtration of gasoline engine exhaust has been introduced. Corning expects its gasoline particulate filter business to add an estimated $500 million in annual sales once emissions regulations are fully adopted in both markets.
Corning Environmental Technologies (Hefei) Co., Ltd, is Corning’s second Environmental Technologies production facility in China. Corning also operates a facility in Shanghai, Corning (Shanghai) Co., Ltd. which began operations in 2000. These facilities enable Corning to keep pace with China’s growing emissions control needs and demonstrate its support of China’s automotive industry and environmental objectives.
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
The statements contained in this release that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” and “target” and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain.?These estimates are subject to change and uncertainty which are, in many instances, beyond our control. There can be no assurance that future developments will be in accordance with management’s expectations. Actual results could differ materially from those expected by us, depending on the outcome of various factors. We do not undertake to update forward-looking statements.?
Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: the effects of acquisitions, dispositions and other similar transactions, 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, 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; the impacts of audits by taxing authorities; 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.
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.46shiju.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.46shiju.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.