Corning to Acquire NoTox; Manufacturer of Silicon Carbide Diesel Filters
CORNING, N.Y.--(BUSINESS WIRE)--Nov. 30, 2000--Corning Incorporated (NYSE:GLW), a world-leading supplier of emission-control components, announced today that it has agreed to acquire NoTox A/S from Silentor NoTox A/S for US $8.5 million in cash. Based in Copenhagen, Denmark, NoTox develops and produces diesel particulate filters using silicon carbide (SiC) materials. The seller is Silentor NoTox, a Danish company providing a range of muffler technologies to the automotive industry.
The acquisition accelerates Corning's commitment to supply a comprehensive range of advanced diesel particulate filters to the automobile, truck and bus markets worldwide. Industry analysts anticipate that the market for diesel particulate filters could exceed US $300 million by 2005. The purchase gives Corning access to NoTox's innovative silicon carbide filter design and production capability.
Silicon carbide filters can be used to reduce particulate emissions (soot) from a wide range of diesel engines. They have shown particular promise for use in light-duty diesel vehicle applications, such as automobiles, where filters must withstand very high in-use temperatures.
"Our acquisition of NoTox reinforces Corning's commitment to being a leading supplier of advanced filters and substrates for diesel emissions control worldwide," said Corning's Vice President for Environmental Technologies, Steven P. Suttle. "Coupled with our aggressive development program already underway, today's purchase of NoTox will help us deliver innovative filter technologies to our customers at an accelerated pace."
Corning Incorporated is a leading supplier of advanced catalytic converter substrates and particulate filters to the world's major vehicle manufacturers. Corning invented the honeycomb-like advanced ceramic substrate used at the heart of today's catalytic converter almost three decades ago. Leveraging its advanced ceramic materials and process technologies, the company produced the first cellular ceramic filter to help reduce emissions from diesel vehicles in the mid-1980s.
Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning's revenues in 1999 were $4.7 billion. More information on Corning filters and substrates for emission control systems is available at www.environmental.corning.com.
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