Corning Expanding Diesel Plant

The company cites strong demand for its clean diesel technology.
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Corning

(GLW) - Get Report

will spend $100 million to expand its new clean-diesel products plant in Erwin, N.Y.

The company said the investment will help it meet anticipated market demand for its Corning DuraTrap AT filter, as well as demand for Corning substrates and filters for medium and heavy-duty diesel engine applications. The investment adds to a $70 million expansion announced in February 2005.

"Strong market interest in our new Corning DuraTrap AT filter -- along with broader application of our diesel substrates and filters for model-year 2007 and beyond medium and heavy-duty diesel engines -- has prompted this newest investment," said Corning's Thomas R. Hinman. "Today's announcement is consistent with our often-stated goal of meeting growing customer demand for Corning diesel products with incremental additions to manufacturing capability."

On Wednesday, shares of Corning rose a penny to $18.19.