Expansion Will Help Company to Meet Global Supply of Ceramic Substrates
CORNING, N.Y.--(BUSINESS WIRE)--Corning Incorporated today celebrated the completed expansion of its clean-air products facility, Corning Shanghai Company, Ltd. (CSCL) in Shanghai, China. The additional capacity will help Corning to increase its manufacturing capabilities to meet anticipated local and global demand for advanced ceramic substrates for light-duty vehicle applications. Corning�s Board of Directors approved a capital expenditure of approximately $15 million for the expansion in March 2006.
The whole enchilada! With Corning�s President and Chief Operating Officer Peter Volanakish. He's a good PR guy.
Corning Celebrates Expansion of Emissions-Control Facility in China Monday November 26, 8:00 pm ET Expansion Will Help Company to Meet Global Supply of Ceramic Substrates
CORNING, N.Y.--(BUSINESS WIRE)--Corning Incorporated (NYSE: GLW - News) today celebrated the completed expansion of its clean-air products facility, Corning Shanghai Company, Ltd. (CSCL) in Shanghai, China. The additional capacity will help Corning to increase its manufacturing capabilities to meet anticipated local and global demand for advanced ceramic substrates for light-duty vehicle applications. Corning�s Board of Directors approved a capital expenditure of approximately $15 million for the expansion in March 2006. ADVERTISEMENT
�We are delighted to celebrate this important achievement with our customers, members of the Chinese government and our dedicated employees,� said Corning�s President and Chief Operating Officer Peter Volanakis, who presided at the event. �This investment further demonstrates Corning�s continued support of the Greater China region. It also increases our ability to meet the demands of customers throughout Asia and the rest of the world.�
The future growth of light-duty ceramic substrates, the heart of catalytic converters, will be driven by the global adoption of new and tighter emissions control regulations. Corning�s advanced ceramic substrates are robust, monolithic products that deliver high performance and reduced engine-out emissions. Corning�s Celcor� product portfolio includes standard, thin-wall and ultra-thinwall substrates.
�The advanced ceramic substrates that we manufacture at CSCL help our customers meet tightening emissions regulations,� said Thomas Appelt, vice president and general manager, Automotive Technologies, Corning Incorporated. �In addition, our highly skilled sales and engineering teams provide technical expertise to help design, model and test emissions control systems that help our customers meet global requirements and achieve first-class standards.�
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 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.
DCI is an engine emissions filter competitor to GLW. I was reading over the DCI earnings call transcipt from November 27, and I saw DCI is bringing down its forecast for engine emission filters. I thought it might be due to GLW's new ceramic diesel filters, and that appears to be the case. Here is an analyst's question asking for clarification of the downward forecast for the engine filter products and the CEO's reply. It looks like GLW is getting this business and taking market share in ceramic diesel filters.
Charles Brady - BMO Capital Markets
"Thanks. If you could just get back to the diesel emission opportunity and you sort of ratcheted down your expectation. There was fairly a significant down tick in your expectation, can you just give a little more detail to what sort of played into that over the past I guess three months relative to where you were thinking before?"
William M. Cook - Chairman, President and Chief Executive Officer of Donaldson Company
"Charlie, this is Bill, I think what we saw happen as the business started to be awarded for the next couple of years that we didn't win some of the platforms that we expected. And so, that's why we updated our guidance and provided. We still think that, that's a good growth opportunity, its not going to be as large as we hoped on the on-road side but as there is growth opportunity there for us and we are still pursuing it and then in the next decade around the off-road regulations, which come in 2011 and 2014, we think that there is going to be may be an opportunity that we are better suited to go after. So, we're going to be a long-term player, we just wanted to update the guidance based on what we see happening now."