Eight Additional Corning Sites Achieve U.S. EPA Challenge for Industry Energy Goals

Rhea-AI Summary

Corning Incorporated (NYSE: GLW) announced that eight of its manufacturing facilities have achieved energy efficiency goals set by the EPA. These sites have reduced energy intensity by an average of 13.2%, surpassing the ENERGY STAR Challenge criteria. With 37 facilities now meeting these targets, Corning has improved energy productivity by 35% since 2006, resulting in over $500 million in energy savings and a decrease of 2.3 million metric tons of greenhouse gas emissions.

Positive

• Eight manufacturing facilities achieved a 13.2% reduction in energy intensity.
• Total of 37 facilities now meet or exceed EPA's energy efficiency targets.
• Improved energy productivity by 35% since 2006.
• Saved over $500 million in energy costs.
• Reduced greenhouse gas emissions by 2.3 million metric tons.

Negative

• None.

Contributing to company’s overarching sustainability program, 37 facilities now meet or exceed EPA energy-efficiency targets

CORNING, NY, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE: GLW) announced on Thursday that eight more of its global manufacturing facilities have recently reduced energy intensity by an average of 13.2%, meeting or exceeding the goals set by the U.S. Environmental Protection Agency’s ENERGY STAR^® Challenge for Industry. To meet the challenge, industrial sites must each increase energy efficiency by at least 10% in five years or less.

“Thousands of industrial plants are improving their efficiency, cutting energy costs, and reducing energy-related carbon emissions by taking the ENERGY STAR Challenge for Industry,” said Jean Lupinacci, director of the EPA’s Climate Protection Partnerships division. “By challenging their plants, companies like Corning and others demonstrate their commitment to strong energy management. Through their achievements, these companies have collectively saved more than 84 trillion British thermal units – an impressive accomplishment.”

Following are the newest Corning sites to meet the EPA’s ENERGY STAR Challenge for Industry criteria:

• Environmental Technologies facilities in Painted Post, New York, and Shanghai, China
• Life Sciences facilities in Borre, France; Kennebunk, Maine; and Wujiang, China
• Optical Communications facilities in Pune, India, and Rio de Janeiro, Brazil
• Specialty Materials facility in Canton, New York

“Corning is committed to sustainability – we believe protecting the environment makes good business sense and is the right thing to do,” said Patrick Jackson, director, Global Energy Management (GEM). “Our GEM teams around the world are continually proving our dedication to finding new and innovative ways to create energy savings across Corning. Each site should be proud of its energy management initiatives and ENERGY STAR Challenge for Industry recognition. We value our partnership with ENERGY STAR and will strive to receive this prestigious designation at all Corning sites.”

Corning began its GEM program at a time when prioritizing energy management was a relatively new concept for many large businesses. Since launching GEM in 2006 with technical and financial assistance from the New York State Energy Research and Development Authority, Corning has:

• Earned recognition as an ENERGY STAR^® Partner of the Year for the past seven years (2014-2020)
• Improved its energy productivity by 35%
• Delivered more than a half a billion dollars in energy savings
• Decreased its greenhouse gas emissions by more than 2.3 million metric tons, equivalent to one year of carbon dioxide emissions of nearly 250,000 U.S. homes

To meet its energy-saving goals, GEM researches and implements projects and programs at each of Corning’s manufacturing plants. This multifaceted strategy includes manufacturing process innovation, facility design, maximized energy efficiencies in plants and throughout the supply chain, and promotion of the importance of saving energy.

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 duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; 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.

Web Disclosure

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 169-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 mobile consumer electronics, optical communications, automotive technologies, life sciences technologies, and display technologies.

Media Relations Contact:    
Gabrielle Bailey
(607) 684-4557
baileygr@corning.com
           
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com

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FAQ

What is Corning's recent achievement regarding energy efficiency?

Corning achieved a 13.2% reduction in energy intensity at eight manufacturing sites, meeting ENERGY STAR standards.

How many facilities does Corning have that meet EPA energy efficiency targets?

Corning now has 37 facilities that meet or exceed EPA energy efficiency targets.

What percentage has Corning improved its energy productivity since 2006?

Corning has improved its energy productivity by 35% since 2006.

How much has Corning saved in energy costs?

Corning has saved over $500 million in energy costs.

What is the impact of Corning's energy savings on greenhouse gas emissions?

Corning's energy savings have resulted in a reduction of 2.3 million metric tons of greenhouse gas emissions.