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Corning Inc. (NYSE:GLW)

November 15, 2011 11:30 am ET

Executives

Unknown Speaker -

James B. Flaws - Vice Chairman, Chief Financial Officer, Member of Finance Committee and Member of Executive Committee

Ann H. S. Nicholson - Director of Investor Relations

Mark A. Beck - Senior Vice President and General Manager of Environmental Technologies

Analysts

Nikos Theodosopoulos - UBS Investment Bank, Research Division

Nikos Theodosopoulos - UBS Investment Bank, Research Division

Okay. Thanks, everyone, for attending the session. We're happy to have with us in this session Corning. Giving the presentation is Mark Beck, who is the Senior Vice President, General Manager of the Environmental Technologies division. Jim Flaws, the CFO, is also here, who can help with the Q&A. And Ann Nicholson is in the audience from Investor Relations. They're going to do a 30-minute session here, and the breakout will actually stay in this room for those who choose to stay afterwards. So with that, let me hand it over to Mark.

Mark A. Beck

Thank you, Nikos, and good morning, everyone. We appreciate your interest in Corning and for attending our presentation today. The last time many of you probably saw me was in February at the conference, and at that time, I was serving as the leader of our Life Sciences division, which I ran for about 4.5 years. In April, I was asked to assume responsibility for our Environmental Technologies business. And overall, I've been with Corning for a little over 15 years. In addition to Life Sciences and Environmental, I've also worked in our LCD Display and Specialty Materials businesses.

Before I begin, I would like to remind you that my presentation does contain forward-looking statements. Three weeks ago, we announced our Q3 results for the company and our outlook for quarter 4. We have no changes to our quarter 4 guidance. Today, my presentation will focus on the recent performance, current market dynamics and future outlook of our Corning Environmental Technologies division. As part of this discussion, we will address each of the 3 key markets in which we participate: light-duty gasoline, light-duty diesel and heavy-duty diesel.

The Environmental Technologies business is fortunate to operate in markets that are growing. Our markets are driven by regulations and in making the air we breathe cleaner and healthier. Although different parts of the world are at different stages in their environmental protection journey, all countries are actively regulating vehicle emissions. And most have established regulations that continue to tighten over time to higher and more stringent levels. This favorable regulatory environment, along with global vehicle unit growth, provide our business with a positive outlook for many years to come. These forces, these regulatory forces and economic growth forces, along with a robust recovery, have made 2011 a solid year, with sales growing 20% and our profits more than doubling. With such strong markets, our assets are now fully loaded, and we will need to make further investments in capacity in order to continue to participate in the future growth of our industry.

So let's just quickly take a look back. In the 1970s, at the request of the automakers, we at Corning tackled a very difficult technology problem, and we invented the ceramic honeycomb substrate, which became the keystone component or the enabling component of emissions treatment devices. This ceramic material has the ability to withstand huge temperature swings as a vehicle goes from the cold start phase to the very hot temperatures when the engine is fully operational. This product also must provide significant surface area to allow the interaction of the polluted engine exhaust with the catalytic material, which transforms the emissions into a more benign substance. Our solution has been highly effective, and more than 95% of the criteria pollutants and the diesel soot are addressed through these catalytic converters and these diesel particulate filters.

Our technology has had a powerful impact on the quality of the air that we all breathe. In fact, over the years our products have prevented over 3 billion tons of pollution from entering the environment. Now although the developed countries of the world have been deploying this technology since the 1970s, developing economies are just beginning on their journey. Their regulations generally lag those of the developed world by about 10 years. These developing economies represent significant growth as 2 important trends are happening simultaneously: the number of vehicles on the road in these countries is increasing rapidly, and the regulations are advancing steadily.

To address these needs, we at Corning offer a wide range of products. We innovate and produce products for use on gasoline and diesel-powered automobiles, and we also provide products that treat the emissions and capture the particulate of diesel-powered heavy-duty equipment such as semi trucks, agriculture equipment and heavy-construction vehicles. We also have some products for use in stationary applications.

As you can see from this chart, we expect to grow our business from about $1 billion in sales this year to roughly $1.4 billion in 2014. This is up a little from what we discussed in February. At that time, we were predicting in 2014 sales of $1.2 billion to $1.3 billion.

Both the gasoline and diesel markets contribute to this growth, but the diesel markets are expected to grow more robustly. As I will show later, this is due to the increasing regulations that are coming to play in the heavy-duty diesel vehicles around the world.

So let's take a closer look at the light-duty automotive market. I'm sure you're all familiar with the sharp drop in automotive production that occurred during the great recession. At that time, few anticipated the subsequent strength and sharpness of the rebound that occurred in 2010, and both 2010 and 2011 have been all-time records for light-duty vehicle builds. As you can see from this chart, we expect this trend to continue in 2012 with global light-duty vehicle growth of about 5 million vehicles. As in the past couple of years, Asian economies are expected to have the highest rates of growth. We are forecasting that the European markets will show some softening next year, and we have already begun to see some early signs that, that is happening.

Although great progress has been made in regulating light-duty emissions, the cleaner standards continue to tighten, and this requires more and more sophisticated after-treatment technologies and therefore, more advanced products from Corning. Recently, we are hearing from regulators in Europe that there will be in the coming years, a much greater focus on what they call end-use compliance. This means that the vehicle must not only comply to the emissions standards in a predetermined and controlled test environment, but also in everyday use by a variety of drivers and in a variety of conditions. We believe that in order to achieve the end-use compliance goals that are now being formulated, entirely new after-treatment technologies may be required. We have been working for several years on technologies that can address these needs, and we aim to be ready to assist our OEM customers to meet these new requirements as they arise. You may also note that in Asia where automakers are growing the fastest, we are set to move to more advanced products in the next several years.

So in addition to the growth that comes from the tightening of the regulations, we also expect to benefit from the underlying growth of the market that we serve. In total, we expect to see global light-duty gasoline vehicle builds growing at about 7% annually for the next few years. In order to support that growth, we have manufacturing locations around the world. We currently have locations in Germany, South Africa, Virginia, New York and China. Each of these plants is currently sold-out, and while we've been optimizing and improving output from all of our facilities, we will not be able to fully participate in the growth I've just described without further investment.

In July of 2010, we announced a $135 million investment for a second line, Line 2, in our China facility. And one year later, in July of this year, we announced the decision to invest an additional $170 million for Line 3. We believe that these investments will allow us to not only participate in the growth that's coming but to get ourselves out of the sold-out situation that we're in today.

So similar to the chart that we looked at for light-duty gasoline, this chart highlights the status of regulations in key regions for light-duty diesel. Today, only about 1/2 of the light-duty diesel vehicles in the world are subject to meaningful emissions regulations. As you can see by the red here, in India and China, they don't currently have those regulations in place. However, legislation has been approved, and there is a schedule that by the end of the decade, these vehicles will also be subject to regulations. And when that happens, the addressable market for our products aimed at the light-duty diesel application will double. So you can see that here in this table, where the yellow and green are currently not under regulation, but by the end of the decade, we expect them to be regulated as well. Very similar to the light-duty gasoline market, we believe the underlying market growth for this particular segment is about 6%.

So now, I'd like to turn our attention to the heavy-duty diesel market. Large semi-trucks known as Class 8 vehicles are the biggest driver of this market today. After a prolonged downturn in the truck manufacturing industry, we are currently experiencing quite robust demand. We believe that this year, more than 200,000 Class 8 trucks will be produced in North America. We also serve the Class 2 through 7 truck market, which is even larger than the Class 8 market. We do have evidence that these markets have been constrained this year by supply, and we expect that 2012 will be another year of robust demand for our products serving at the heavy truck market.

Now in addition to the heavy-duty truck market in North America, we're excited as we see regulations in other geographies and in other applications begin to take hold. You can see that in Europe and Asia, we have regulations coming online in the next few years for heavy-duty trucks. At the bottom of this chart, you can see that non-road vehicles are moving from Tier 4 interim to Tier 4 final, and non-road also represents a very important opportunity for us. And we're pleased to say that we are already designed in on many of these platforms at several major OEMs.

So as I look at this particular chart, it reminds me of my early days in Display when our products in Display at that time were mostly consumed by a single application, notebook computers. As LCDs expanded to other uses, such as the desktop and television, the business benefited enormously. Heavy-duty diesel is at a similar inflection point today. If you look back on heavy-duty diesel, we've been highly dependent upon the North American trucking industry. That's the very dark blue region you can see out of the 5.5 million heavy-duty vehicles. That's a relatively small segment. Starting in 2012, the Euro 6 regulations kick in, and we'll drive demand for our high-end filter products in Europe. We also see increases in 2012 and 2013 for non-road applications in both Europe and North America. And finally, China and other emerging economies will start to need large volumes of our products in 2014 and beyond.

So as we move from a single application, single geography business to a multiple application, multiple geography business, we expect to see significant demand growth. And we believe that the demand for our heavy-duty diesel products will triple in the next 5 years, as is shown on this chart.

So to prepare for that oncoming wave of growth, we obviously have some work to do. The strength of the current market has frankly put us in a sold-out situation, and we believe that the industry as a whole is short on ceramic filter and substrate supply by a substantial margin. We are announcing price increases for our substrates, which will take effect in January. We are also taking aggressive action to increase supply. We have already begun to see results from our efforts to increase output from our current assets. Through a number of technical and operational improvements, our diesel facility has doubled output since the start of 2010. However, with demand expected to triple in the next 5 years, it will be necessary to build an additional heavy-duty diesel factory, and we are currently underway with the site selection process for just such a facility. We are also working with several of the largest OEMs in the heavy-duty world to established long-term agreements that reserve capacity exclusively for their needs.

So in summary, as a relative newcomer to this business, I have been pleasantly surprised by the significant growth opportunities ahead. These growth opportunities are driven by increased demand for vehicles in the developing economies and by the need in all areas of the world for cleaner and healthier air. We are pleased with the progress we've made in 2011 and expect to continue to deliver improving performance in the years ahead.

I thank you for your attention, and we'll now open the floor for some discussion.

Question-and-Answer Session

Nikos Theodosopoulos

Okay. Maybe I can start with 1 or 2, and then see if the audience has any questions. I guess, since you took over, what led the company to raise its forecast, the long-term forecast, in this business in terms of revenues by 2014 from the beginning of the year?

Mark A. Beck

I think there's probably 3 things that have caused us to rethink our forecast. First of all, both the automotive market and the truck market for this year have come in even stronger than we were anticipating at the beginning of the year. We think, as I've said, that particularly in trucks, some of the demand is pent-up and will carry over because they're supply constrained. I think another driver, is as I said, we've announced a price increase, and so we'll see some increase revenue over the years as a result of resetting the price on heavy-duty substrates.

Nikos Theodosopoulos

Okay. And you mentioned in the presentation the sold-out condition's need for a new plant in a couple of years. What kind of CapEx is needed to build a plant like that?

Mark A. Beck

We have not yet divulged what sort of CapEx will be required. It would be in the low hundreds of millions, but we have not yet specified.

Nikos Theodosopoulos

Okay, great. If I did my math right, and Jim, I'm sure you'll check if I'm wrong, it seems like the EBIT margins of the Environmental business is quite strong, maybe in the midteens, and I don't recall it being that high, and it's up significantly from last year. What's led to the dramatic improvement? Is it sustainable? And does the fact that your competition, most of your competition are based in Japan that have begun exposure, is that leading to a better pricing environment? Maybe you can wrap that all into a simple answer.

Mark A. Beck

Okay. First of all, we don't comment on EBIT margins. But I will certainly confirm that performance this year in a gross margin standpoint is much better than last year. I think it's a number of things. Certainly, whenever you're sold-out across all 3 of the markets that you serve, it allows you to fully load up your assets, and you would expect to see improvements in your operations. We've also invested quite heavily to improve the output of those assets. And although the primary focus is trying to make more products so you can satisfy the demand in the market, generally, as you get output improvements on existing assets, there's a -- from a corollary post-reduction that you can get along with that. We've also moved to a formal allocation in a couple of the businesses, and that has allowed us to plan better, our production, and there's been some benefits seen from that. In terms of a part of your question around pricing, we actually have not yet done, had success with stabilizing pricing because most of the pricing arrangements that we enter into that affect us in the current year, these were commitments and decisions made in previous years. As I said, going forward, we do see an opportunity to reset the price on heavy-duty substrates, and we're doing that.

Nikos Theodosopoulos

Okay. Jim, maybe I can ask a question for you. You've been quiet down there. Give Mark a break here. So October is done. Corning typically gives some good data on TV sales on a global basis. Do you have anything you could share with us and how October trended? And I noticed there's been no change in your guidance on the LCD business this quarter. Anything from the October TV sales that might give us some color on how things are going there?

James B. Flaws

So the only new information we really have is both in the United States and Japan, where we get fast data. In the United States, television sales were up again in units. I think we're in the mid-single digits. More importantly for us is the 40-inch televisions grew very rapidly in October as they have been doing most of the year in the United States. In Japan, sales were down dramatically. But we would expect that because of the lack of the eco-point promotion and the lack of the analog conversion that we have seen before. But we don't have any new data in the other regions. We expect to get that shortly.

Nikos Theodosopoulos

Okay. Any questions from the audience? Okay, well, I'll go on with the last couple of minutes here. You mentioned in your presentation, Mark, you're seeing some early signs of Europe slowing. Can you elaborate on that?

Mark A. Beck

Certainly. As you would expect in a sold-out situation, we've been living somewhat hand-and-mouth, not only us, but there's a couple of steps in our supply chain. We sell our substrate to a coder, who then sales it to a canner, and then that canned system gets delivered to the OEM. And so we're seeing some signs that the channel, which had been the supply-chain, which had been extremely lame, has been able to rebuild itself just a little bit. We're not getting as much noise from the OEMs that they feel like they're perilously close to shutdown. I'm pleased that throughout this entire sold-out situation, we've not shut down any major OEMs for any significant amount of time. But the amount of noise from them that they feel nervous or close, that has died down a little bit. And I think there are some market information as well that seems to indicate the end market, the amount of inventory dealers are holding, has dropped just a little bit.

Nikos Theodosopoulos

Okay. Jim, back to you. On the LCD supply chain, you provide good commentary on that all year. I think it started at 17 weeks, and you're expecting it to be about 13 weeks at the end of this quarter. Is there a floor, if you will, on what that might be just based on where glass is made and the transportation and the lead times to build products, is there a natural floor? Because the 13 weeks, I think, is the lowest since you've been measuring it, but I'm just trying to gauge is there an actual floor to this based on transportation, build times and so forth?

James B. Flaws

It's a great question, and it's a question we're asking ourselves. Ordinarily, we would say when you get to 13 weeks, we see out-of-stocks occurring. And therefore, that usually means you're at the bottom. What we're worried about is in an industry that doesn't make much money is whether people are willing to risk those out-of-stocks and maybe stay at a lower level or even take it further down. So we're actually are in the midst of a study, which we expect to complete by the end of the fourth quarter, is to see how low could the supply chain go and whether it needs to stay at 13 or could it go to 12, as an example. So we hope to have that done by year end. What we don't see is the industry bouncing back to 17. We don't think that that's likely to occur. So in our January call, we'll give you an update on what we -- our assumption is for this upcoming year. Right now, we have 2 models, one is it stays around 14, and the other is that it dips a little lower. But we are trying to compete the study by the end of next month.

Nikos Theodosopoulos

Okay. One last question, and then we'll wrap up. Jim, based on what your team is seeing in set manufacturers, panel makers, other potential innovators of the market, what types of innovations might come out in the next year or 2 in the TV market to create a replacement cycle? 3D came out a couple of years ago; it didn't stimulate replacements. Is there anything, any set of features or innovations that you think are coming out in the next couple of years that can drive that replacement cycle in developed markets?

James B. Flaws

So we think the one that's likely to drive the most replacement would be connectivity. In our testing with consumers, it has more appeal than 3D did, so that maybe is something. But it has to be on a reasonably priced television. I think one of the things that we in the industry have learned is that trying to elevate the profitability of your industry by selling a very high-priced thing and putting the features on them is not a winning combination. So we think it's got to be a more moderate-priced television, and maybe that is a feature people will want. The fact that this year, U.S. television demand has been quite good most of the year, we think is a attribute to the fact that people got it right in terms of focusing on price as being the most important driver for televisions in the United States.

Nikos Theodosopoulos

Okay. With that, it wraps up the formal session. I think you guys are going to stay here for a breakout? Correct? Okay. I unfortunately have to leave, so Ann, if you want to moderate it or if you guys can take care of it.

Ann H. S. Nicholson

So we'll take questions from the floor. I'll just repeat so that it makes it on the webcast, if that works. Yes?

Unknown Speaker

I know very briefly you guys have been talking about CapEx being down in 2012 versus 2011. Is packaging spend and additional CapEx [indiscernible] Environmental [indiscernible] CapEx overall?

Ann H. S. Nicholson

So the question is on 2012 CapEx with the additional spending and Environmental, does that change the company's overall CapEx plans?

James B. Flaws

So the answer is no. We have that built into our plans already.

Ann H. S. Nicholson

Okay. Yes?

Unknown Speaker

[indiscernible]

Ann H. S. Nicholson

Have you started buying back stock and what's the pace likely to be in the next 12 months?

James B. Flaws

So we began buying back stock after our news announcement, and we will continue buying back through the end of the month in December. Then we'll suspend while we're in the quiet period while we wait for quarter 4 earnings. I would not disclose the pace, but it's our intent to use the money relatively quickly. There are some rules about buying back stock that you have to follow. But it is our intent to do it on a fast pace.

Unknown Speaker

Any comment [indiscernible]

Ann H. S. Nicholson

So the question is environmentally, you made a comment about demand tripling over the next several years. Could you provide some more color on that?

Mark A. Beck

Yes. Well, the tripling is not across all 3 of the markets that we talked about. We are talking specifically about the heavy-duty diesel market, so that's why you don't see the total revenues of the Environmental Technologies division tripling. But we do anticipate to participate in that market growth within the heavy-duty segment. The largest portion of our business today is the light-duty gasoline, which we've been -- we've been in that business for over 30 years, and it is the largest piece of our business today.

Ann H. S. Nicholson

Other questions? Yes?

Unknown Speaker

Gorilla Glass, [indiscernible]. You guys have started talking about it. [indiscernible]

Ann H. S. Nicholson

So for the Gorilla Glass, now that it's been around for a couple of years, and we talked about other applications in automotive, appliances, architecture, can you give a status update on that?

James B. Flaws

So we really haven't made much progress on appliance or architectural. I think the world's economies have influenced the appliance a little bit because these were intended to be put on high-end appliances, and I don't think that's a place where people are launching products right now. On the auto business, we are making some progress. We actually have a number of auto manufacturers who have requested from us to build samples, and these are not just one-off to build the quantity of them so that they can begin testing that concept of a much thinner but strong glass product to replace what they do today. So I would say that's encouraging to us that people are looking at it. The most common request right now is for in either a side window or in a solar roof panel. So we're encouraged that people would want quantities and samples.

Unknown Speaker

[indiscernible]

James B. Flaws

So the question is about whether we're still talking to appliance makers. We are. But there's really -- no one's moving forward. The appliance product is actually very different than the other products because it's got feature, it's got actual bends around the edges of the appliances. It's actually a more tough, challenging product for us to make. But we still have conversations, but nobody's rushing to do it.

Ann H. S. Nicholson

Other question? Yes?

Unknown Speaker

[indiscernible]

Ann H. S. Nicholson

So for LCD glass, what's the percentage that glasses are the building materials of the panel?

James B. Flaws

It depends on the product, but I would say in general, we're around 20% now. And if you go back to when Mark was in the business, we might have been in the 5%. And we've been in the teens for a while, but we definitely have moved up as a percentage of the building materials.

Ann H. S. Nicholson

Yes?

Unknown Speaker

[indiscernible]

Ann H. S. Nicholson

Yes. So what kind of uptick do you see in Olympics year on TV sales? And what are you expecting for the upcoming Olympics?

James B. Flaws

So we're expecting television growth excluding Japan, and one of the things I have to remind people is that right now, because Japan kind of prebuilt so many television sales between the eco-point promotion and also the analog conversion, the television sales are actually x Japan right are growing 20%. We expect television growth next year to be in the teens, in the total world. And we'll get past this Japan thing at the end of March. So we're expecting it to be in the teens. I forgot, what was the second question?

Ann H. S. Nicholson

Is there anything special because of the Olympics?

James B. Flaws

The Olympics, we don't believe that the Olympics will drive a tremendous amount of demand. We have seen from time to time that it did in China in 2008, so we might expect to see some in Europe. But in general, other than the World Cup, we don't see big spikes from sporting events.

Ann H. S. Nicholson

Others? [indiscernible]

Unknown Speaker

[indiscernible]

Ann H. S. Nicholson

So, assuming that price is what drives the consumer purchase of the TV, and glass is about 20% of the building materials, how is that going to impact the industry and the panel makers' profitability?

James B. Flaws

So we're under intense pressure from the panel makers. We're probably the only part of the supply chain, with possible exception of a couple of other components, that makes money. And so we talked about in quarter 4, we're experiencing that pressure a great deal. I would say, my comment at retail was more related to the fact that particularly last year, people tried to sell a lot of televisions at a much higher price point with new features. And in many of the developed economies, particularly in the United States, consumers rebelled against that. It's not to say that you can't sell a television at a reasonable price point. We believe you can, but just trying to try out a $2,000 40-inch television was not going to be a winning proposition. Frankly, it's one of the things ending up being a big disappointment for us with Gorilla on Sony is they ended up putting it on very expensive models, and it just was a very small quantity. But we think that you can sell televisions at a good price point, and hopefully, panel makers will make money. But we don't expect price pressure on us to go away.

Ann H. S. Nicholson

Other questions? Joe?

Unknown Speaker

[indiscernible]

Ann H. S. Nicholson

So, is there something that the TV manufacturers can do and the industry can do to drive Gorilla for TV cover?

Unknown Speaker

[indiscernible] more?

James B. Flaws

Yes. So we think there is one feature that will drive more wireless television, and that is -- if you remember the video we put out earlier this year, Day Made of Glass?. In that video, which was an example of a lot of technologies in Display in particular in the future, there was a television where the picture went to the edge of the screen. And it's one of the things that we're working on and several television manufacturers are working on to get that picture to go to the edge. And therefore, you really don't want to have a black plastic bezel on it. We think that's possible in the future, and I think that's one thing that would drive a borderless television. So if you go back and look at the video, you can see what I'm talking about.

Ann H. S. Nicholson

Yes?

Unknown Speaker

[indiscernible]

James B. Flaws

Just a speculation on my part.

Unknown Speaker

Just going back on [indiscernible] something increasing CapEx [indiscernible] So are there any changes to [indiscernible]? How do you look at [indiscernible]?

Ann H. S. Nicholson

So the first part of the question is on our capital spending plans, is there a big chunk in Display? That was your -- okay. So the Display capital spending, were we too aggressive?

James B. Flaws

So yes. So I would say the place that we were too aggressive is that in our estimates of the end market demand for this year, as an example, in television, we thought it would be 225 million televisions. It's probably likely to be 210 million. It doesn't sound like much of a change for 15 million televisions if they're on average 32-inch televisions are a 150 million square feet for the market. The other place that, I won't say we got it wrong, but it's the first time that we have ever seen this in the industry, is that actually the amount of glass shipped at retail in square footage will be greater than the amount shipped in the industry. So usually every year the industry builds some cumulative amount of inventory. Sometimes they overbuild, but this year, actually, they're actually going to draw down their amount of inventory. The fact that the supply chain is going from 17 weeks to 14, is almost 250 million square feet of glass. So I don't know -- it would have been nice if we could have predicted that, but the other place where we're spending quite a bit of capital is around our China factory in display. In that case, we're slowing the spending a little bit, but we really believe that we will be successful there. Our customer is BOE. They're just starting to ramp their Gen 8.5 fab. We think the Chinese television market will double over the next 4 to 5 years, and increasingly, that those televisions we made from panels in China rather than exported in. And we think that will pay off. But you will see -- I mean, the great benefit for us in terms of we may have put in a little too much capacity early, but the good news about it is we don't have to put more capacity in. So in 2012, the only capacity for Display that we're putting in is finishing the China factory, from a capacity point of view, and we're also putting some earthquake protection. But I would expect that our 2013 glass capacity will be almost nothing in terms of capacity adds.

Ann H. S. Nicholson

And the second question was around return on investment. How do we measure it? What's our threshold?

James B. Flaws

So whenever we're making a capital spending project, we look at that CapEx, and we just look at a rate of return. We measure return on invested capital. It depends on the nature of the product, project, but we often look 4 years into the mission what's the return on invested capital. We do an internal rate of return, and we also look at how fast we get our absolute money back. It depends on the project, but for example, a brand-new factory like in China, payback is between 4 and 5 years. In expansion of an existing facility, the payback of the cash, including the precious metals, which actually isn't consumed, is between 2.5 and 3 years. So we do look at all those different metrics.

Ann H. S. Nicholson

Other question? Great.

James B. Flaws

Okay, thank you very much.

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Source: Corning Inc. Presents at UBS Global Technology and Services Conference 2011, Nov-15-2011 11:30 AM
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