Corning Announces Expansion of Recently Opened Diesel Facility; Builds

    Business Editors/Technology Editors

    CORNING, N.Y.--(BUSINESS WIRE)--Feb. 4, 2005--Corning Incorporated (NYSE:GLW) announced today that its board of directors has approved a $70 million expansion of the recently opened diesel substrate and filter manufacturing facility in Erwin, N.Y. This expansion will be paced to meet growing customer demand for the company's products for medium- and heavy-duty clean diesel applications.
    In anticipation of a global diesel substrate and filter market that is expected to grow to approximately $1 billion in 2008, Corning is building momentum in this significant new clean-air market, Peter F. Volanakis, president of Corning Technologies, will tell investors today. Volanakis, along with other Corning executives, will address an audience of more than 300 financial analysts and investors at the company's annual investors' meeting beginning at 9 a.m. on Friday, Feb. 4, at the Mandarin Oriental Hotel in New York.
    At the Friday morning meeting, Volanakis will tell investors that customers are making critical supply decisions this year in order to meet the clean-diesel regulations set to take effect in the U.S. in 2007. "This is a very important year for us in the heavy-duty diesel engine market," Volanakis will say. "Diesel manufacturers will be making decisions for the 2007 vehicle engine platforms, and we believe we are very well-positioned in this market."
    Volanakis will also tell investors that Corning is working closely with diesel engine and vehicle manufacturers to incorporate advanced Corning substrates and filters into a wide array of diesel emissions aftertreatment systems.
    The capital investment announced today will be used to fund additional cutting, firing and finishing capacity to meet demand anticipated in the late 2006 timeframe for medium- and heavy-duty diesel emissions control substrates and filters.
    "This investment reaffirms our commitment to anticipating and meeting the diesel industry's growing demand for advanced ceramic substrates and filters," Volanakis will tell investors. "As we did with the original start-up of this new manufacturing facility, the additional capabilities announced today will be added in stages, with a focus on ensuring appropriate capacity to meet the emerging needs of our customers worldwide."
    The Corning Diesel Manufacturing Facility was originally announced in October 2001 and began production in 2004. It manufactures cellular ceramic substrates and particulate filters used in diesel engine exhaust treatment systems. Used either individually or in combination - and oftentimes catalyzed - these products help reduce particulate matter (soot) and nitrogen oxide emissions.
    Corning is a leading supplier of advanced catalytic converter substrates and particulate filters to 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. 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, 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 by larger customers in the liquid crystal display 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; 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 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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CONTACT: Corning M. Elizabeth Dann, 607-974-4989 dannme@corning.com or J. Robert Jones, 607-974-4898 jonesjr@corning.com or Investor Relations: Kenneth C. Sofio, 607-974-7705 sofiokc@corning.com

KEYWORD: NEW YORK INDUSTRY KEYWORD: HARDWARE SOFTWARE ENVIRONMENT TELECOMMUNICATIONS MANUFACTURING SOURCE: Corning Incorporated

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