CORNING, N.Y.; MARCH 7, 2019 - Corning Incorporated (NYSE: GLW) announced that it received a 2018 Daimler Supplier Award from Daimler AG (DAI) at the company's 11th annual global supplier award ceremony in Stuttgart, Germany, on Feb. 20, 2019.
Corning was one of 10 suppliers to be recognized, receiving the partnership award from Mercedes-Benz Car Procurement & Supplier Quality, for Corning's collaborative development and ongoing supply of next-generation particulate filters for high-performance emissions control.
"It is an honor to receive Daimler's most prestigious supplier recognition as a reflection of our longstanding and productive relationship," said Klaus Wellstein, general manager, Corning GmbH. "Daimler's focus on innovation and premium quality across all its vehicle platforms creates demanding specifications and fits perfectly with Corning's goal to partner with customers to solve their toughest technology challenges."
Corning has been working with Daimler for more than 35 years, initially supplying emissions control solutions for passenger cars and, beginning in 2005, for commercial vehicles as well. In recent years, Corning developed several new products in partnership with Daimler to address tightening regulations in gaseous and particulate emissions, including large-diameter thin wall Celcor substrates, Corning DuraTrap GC gasoline particulate filters, and Corning DuraTrap AT HP diesel particulate filters. These products are being leveraged in emissions control systems across many car and truck models in Europe, North America and Asia.
"Our global supplier network makes an important contribution to value creation, quality, and innovation...[and] makes a decisive contribution to the overall business success of Mercedes-Benz Cars," Wilko A. Stark, a member of the Divisional Board of Management for Mercedes-Benz Cars for Procurement and Supplier Quality, said in a published statement. "The [Daimler Supplier Award is] the highest award given for best performance. I congratulate our winners for their outstanding work over the past year."
The Daimler Supplier Awards acknowledge 10 suppliers with strong performance from the prior fiscal year in the categories of quality, innovation, and partnership. The awards were presented by members of the Daimler AG Board of Management and the heads of the Daimler procurement groups to an audience of representatives from over 450 strategic partners and key suppliers in 30 countries.
Corning is a leading supplier of advanced cellular ceramic substrates and ceramic particulate filters for the world's major manufacturers of gasoline and diesel 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. Corning continues to leverage its expertise in material science and manufacturing to develop market-leading emissions control solutions that help our customers meet new emissions standards and enable cleaner air worldwide.
Caution Concerning Forward-Looking Statements:
This press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning's financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially.
These risks and uncertainties include: the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels.
Possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.
For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. 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.
In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated ("Corning") wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning's media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company's SEC filings, press releases, conference calls, and webcasts.
About Corning Incorporated:
Corning (www.corning.com) is one of the world's leading innovators in materials science, with a more than 165-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries.
Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display technology, automotive, and life sciences vessels. Corning's industry-leading products include damage-resistant cover glass for mobile devices; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for state-of-the-art communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks.
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