Corning Incorporated (NYSE: GLW) announced on Friday that, with the support of the Hefei government, it signed a new investment agreement for an Environmental Technologies production facility for heavy-duty substrates and particulate filters in the Hefei Xinzhan Hi-Tech Industrial Development Zone in the Anhui Province, China. This latest investment expands on Corning’s established heavy-duty manufacturing capabilities at its existing Shanghai and Hefei facilities and is driven by growing demand for heavy-duty emissions control products in the region.
Vehicle manufacturers in the region are preparing for the new China VI emissions standards, as well as Bharat Stage VI in India. These new standards call for significant reductions in nitrogen oxide and particulate emissions from heavy-duty vehicles, including commercial vehicles, construction equipment, and trucks. Corning’s advanced emissions control products help vehicle makers to meet these requirements.
“Corning is committed to in-region manufacturing to support our customers as they deliver cleaner heavy-duty vehicles to the China market,” said Tom McGeorge, general manager, Corning Environmental Technologies, China, following a signing ceremony with Hefei officials on Thursday. “Opening this facility next year will mark another important milestone of Corning’s operating history in China.”
The announcement comes as Corning celebrates 20 years of emissions control production in China, which began at its Corning (Shanghai) Co., Ltd. (CSCL) facility. Corning has been committed to supporting China’s clean-air initiatives and auto industry since the company first entered the market 40 years ago.
Corning has more than 100 years of experience in the automotive industry, helping drive the trend toward cleaner, safer, and more connected vehicles. Building on almost five decades of leadership in clean-air technologies, Corning continually innovates its advanced cellular ceramic substrates and ceramic particulate filters for gasoline and diesel emissions control, helping customers meet new emissions standards and enabling cleaner air worldwide. Corning is also enhancing vehicle exteriors and interiors with technical glass innovations that can enable sophisticated in-vehicle display designs and lightweight, damage-resistant windows.
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 duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; 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.
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 169-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 mobile consumer electronics, optical communications, automotive technologies, life sciences technologies, and display technologies.