Corning Continues to Invest in Hefei Facility to Meet Growing Demand for Gasoline Particulate Filters

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Corning Continues to Invest in Hefei Facility to Meet Growing Demand for GP Filters

Corning Continues to Invest in Hefei Facility

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Environmental Technologies
Corning Continues to Invest in Hefei Facility to Meet Growing Demand for Gasoline Particulate Filters
Corning Continues to Invest in Hefei Facility to Meet Growing Demand for Gasoline Particulate Filters
CORNING, N.Y. | Corning Incorporated | July 17, 2018
Company addresses adoption of new gasoline auto exhaust filtration technology in China with increased capacity

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.

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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.