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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.
�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."
also saw this..few days old...
Cummins Wins Chinese Order for Engines
Tuesday November 20, 2:34 pm ET
By Sean O'Driscoll, AP Business Writer
Cummins Inc. Seals Engine Deal As China Cleans Up Bus Fleet in Time for Beijing Olympics
NEW YORK (AP) -- China's race to clean up its environmental standards in time for the Beijing Olympics is good news for an Indiana company supplying new diesel engines.
Cummins Inc., one of the world's largest suppliers of diesel engines, said Tuesday it has received an order for 1,900 engines from public transport companies in China.
One analyst said the deal was worth at least $20 million.
The company said that it will supply engines to more than half the buses held by Beijing Public Transport Holdings, one of the world's largest bus companies.
It is to sell 1,000 Euro IV diesel engines to Beijing Public Transport Holdings Ltd. and 900 Euro III diesel engines to Hangzhou Public Transport Corp. Hangzhou is the capital of Zhejiang province in eastern China.
Beijing Public Transport's latest order follows its purchase of 1,400 Cummins Euro IV diesel engines and 250 Euro III natural gas engines in the second quarter.
The "Euro" labels are environmental emission standards. Cummins said China has implemented Euro III emissions standards countrywide this year and plans to move to Euro IV by 2010.
However, the country is pushing ahead with special standards for Beijing, which is expected to move to Euro IV in time for the Olympics next summer.
Longbow Research analyst Eli S. Lustgarten said in an interview that tightening environmental standards around the world are an advantage for Cummins.
"It's one of the leaders in providing emissions technology. As environmental awareness expands globally, it provides a new outlet for Cummins in those markets," he said.
Lustgarten said that the company is doing "exceptionally well" by offsetting a difficult domestic market. With a construction downturn in the U.S., there is less demand for diesel-powered trucks but the company is expanding globally, he said.
Wall Street Access analyst Charlie Rentschler said the company was also doing well in the Chinese heavy truck engine business and had a total of more than 1 million engines working in the Chinese market.
Last month, Cummins said its third-quarter engine business grew 17 percent in total, despite a 50 percent drop in U.S. sales compared with the same quarter in 2006.
Citi Investment Research upgraded the company to "Hold" from "Sell" late last month, while Credit Suisse upgraded it to "Outperform" from "Neutral" at the same time.
Cummins shares rose 21 cents to $106 in afternoon trading. Shares have ranged between $56.32 and $143.45 in the last year.
below is link of CMI selecting GLW back in 2006