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Corning Breaks Ground on Shanghai Automotive Substrate Facility Expansion

^{Published on 2010-11-09 17:20:45 - Market Wire}
 

SHANGHAI--([ BUSINESS WIRE ])--Corning Incorporated (NYSE: GLW) today broke ground on the [ previously announced ] $125 million expansion of Corning Shanghai Company Limited, Corninga™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.

"As the first substrate manufacturer to enter China 10 years ago, we are proud that Corninga™s advanced emissions control products continue to help reduce vehicle emissions."

aToday marks the second expansion of Corninga™s automotive substrate facility and is another milestone in our commitment to China,a said [ Eric S. Musser ], chief executive officer of Corning Greater China. aAs the first substrate manufacturer to enter China 10 years ago, we are proud that Corninga™s advanced emissions control products continue to help reduce vehicle emissions.a

aThe automotive market in China is expected to grow steadily over the next few years,a said [ Thomas H. Lynch ], general manager of Corning Shanghai Company Limited. aTighter regulations, including the Euro 4 regulations that were recently adopted by Beijing and Shanghai, are driving the demand for Corninga™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.a

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 aforward-looking statementsa (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corninga™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 thefinancial 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 fluctuationsandchanges in the mix of sales between premium and non-premium products; new plant start-upor restructuringcosts; 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 otherrisk factors aredetailedin Corninga™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.

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