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Corning Announces $15 Million Investment to Expand Emissions-Control Manufacturing Plant in China
Company Cites Growing Global Demand for Clean-Air Products for Passenger Cars
CORNING, NY - March 29, 2006: Corning Incorporated announced today that its board of directors recently approved a capital expenditure of approximately $15 million to expand the manufacturing capabilities for clean-air products at Corning Shanghai Company, Ltd. (CSCL) in Shanghai, China.
This investment will increase the manufacturing capability of the facility to meet anticipated demand for Corning advanced ceramic substrates for light-duty vehicle applications. Corning advanced ceramic substrates include thin-wall products that deliver higher performance for emission reductions. The expansion is expected to be fully operational by mid-2007.
"The tightening of emissions standards in Asia and around the world continues to drive demand for Corning clean-air products," said Thomas Appelt, vice president and general manager, Corning Automotive Technologies. "Through the expansion of our facility in China, we will be better able to supply clean-air products to our global customers, while still maintaining a strong presence in China."
"Corning is proud of its long history in China," said Curt Weinstein, general manager, CSCL. "We value our highly skilled, dedicated employees and the many relationships we have developed over the years. This additional investment in the facility is further proof of our commitment to the region."
In China, demand for cleaner vehicles is being driven by the Euro III and upcoming Euro IV regulations that will require lower emissions. Tighter global regulations, along with growth in the China economy, make China an attractive market for Corning.
CSCL, which is wholly owned by Corning Incorporated, is a state-of-the-art, high-tech emissions control substrate facility, that first began shipping product 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 all of 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.
dacare This entry was posted on April 14th, 2006 at 09:57:04 pm by dacare and is filed under Investing in China.