Corning Opens Diesel Products Facility in Erwin, New York; New York Governor Pataki Leads Celebration at Clean-Air Products Plant.Business Editors/High-Tech Writers CORNING, N.Y.--(BUSINESS WIRE)--April 7, 2004 Corning Incorporated Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works. (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ), a leading supplier of diesel substrates and particulate filters, today celebrated the opening of its new clean-air products plant in Erwin, N.Y. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Governor George Pataki George Elmer Pataki (born June 24, 1945) is an American politician who was the 57th Governor of New York serving from January 1995 until January 1, 2007. He is a member of the Republican Party and was seen as a possible 2000 and 2008 Presidential candidate. helped lead the grand opening of the $200 million production facility. Production of large Corning diesel substrates began at the plant in January 2004. By January 2005, the manufacturing facility is expected to employ approximately 250 people. New emission requirements for the diesel vehicle market are estimated to create an approximately $1 billion worldwide market for substrates and filters by 2008. The new facility will help meet this growing global demand, as it is designed and built to meet the specific large-scale manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. required to produce substrates and filters for medium-and heavy-duty diesel applications, such as trucks and buses. "Solid, long-term relationships with our valued customers around the globe have provided a strong foundation for this new plant," said James R. Houghton James R. Houghton is the Retired Chairman of the Board of Corning Incorporated. Houghton has Bachelor of Arts and master of business administration degrees from Harvard University (A.B., 1958, MBA, 1962). , Corning Chairman and Chief Executive Officer. "This plant, and the clean-air products that it produces, is also a compelling symbol of the commitment of our customers to produce cleaner diesel vehicles today and well into the future." "The creation of these new jobs and Corning's commitment to the Southern Tier and Upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. will strengthen the region's manufacturing base and provide a significant boost to the area's economy," Governor Pataki said. "Corning has come on strong during the past year under the leadership of Jamie Houghton and the company's continued commitment to the region shows that the economic future of Corning, Steuben County and the Southern Tier is growing brighter each day." Demand for diesel emission-control products continues to increase as tighter clean-air standards are implemented in the US, Europe and Asia. These regulations include US standards taking effect in 2004 and scheduled for 2007, as well as European rules set for 2005 and anticipated for 2008. Corning is a leading supplier of advanced catalytic converter substrates and particulate filters to the world's major manufacturers of gasoline and diesel vehicles and engines. 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. About Corning Incorporated Corning Incorporated (www.corning.com) is a diversified technology company that concentrates its efforts on high-impact growth opportunities. Corning combines its expertise in specialty glass, ceramic materials, polymers and the manipulation of the properties of light, with strong process and manufacturing capabilities to develop, engineer and commercialize significant innovative products for the telecommunications, flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time , environmental, semiconductor, and life sciences industries. Forward-Looking and Cautionary Statements This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes or fluctuations in global economic and political conditions; tariffs, import duties and currency fluctuations; product demand and industry capacity; competitive products and pricing; manufacturing efficiencies; cost reductions; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by larger customers in the liquid crystal display liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. industry and other businesses; changes in the mix of sales between premium and non-premium products; facility expansions and new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; ability to obtain financing and capital on commercially reasonable terms; adequacy and availability of insurance; capital resource and cash flow activities; capital spending; equity company activities; interest costs; acquisition and divestiture activities; the level of excess or obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. ; the rate of technology change; the ability to enforce patents; product and components performance issues; changes in key personnel; stock price fluctuations; and adverse litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. or regulatory developments. These and other risk factors are identified 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. |
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