Company was First to Announce it Would Locate a Substrate Facility on the
China Mainland
CORNING, N.Y., Nov. 3 /Xinhua-PRNewswire/ -- Corning Incorporated (NYSE:
GLW) announced today that its wholly owned subsidiary in the People’s
Republic of China hosted a groundbreaking ceremony for a new liquid crystal
display (LCD) glass substrate finishing facility.
(Logo:
http://www.prnasia.com/upload/story_attchment/20061026172020-
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Corning was the first TFT-LCD glass substrate supplier to announce that
it would locate a production facility on the China mainland. The facility,
located in the Beijing Economic Technological Development Area, is expected
to open in the first half of 2008.
“The plant that will be built on this site will become a dynamic symbol
of our commitment to the growing Chinese TFT-LCD industry,” said Wendell P.
Weeks, president and chief executive officer, Corning Incorporated. “It’s
also a key element in our strategy to grow with our customers, while we
support one of this country’s most important industries,” Weeks said during
his address to the many officials, customers, media and employees gathered
for the celebration.
Other Corning leaders who spoke at the ceremony were Clark S. Kinlin,
chief executive officer, Greater China; James P. Clappin, president, Corning
Display Technologies; and John P. Bayne, president, Corning Display
Technologies China.
“Corning’s investment enhances our position as a leading supplier of
the most pristine LCD glass substrates in the world,” said Clappin. “We
are committed to the LCD industry in China and to growing with our customers
in this important region of the world market.”
Historically, Corning has been first to enter the LCD-producing regions
that we serve, beginning with glass finishing and then assessing the need for
other operations at a later date, based on market and customer demand.
According to industry analysts and Corning’s own market analysis,
requirements for LCD glass grew approximately 60 percent worldwide in 2005.
Driving the demand for glass are the facts that an increasing number of CRT
screens are being replaced by LCDs, and the penetration level of flat panel
displays used for desktop monitors and televisions are also increasing. LCD
TVs are continuing to grow in popularity, representing 11 percent of the
global TV market in 2005.
About Corning Incorporated
Corning Incorporated ( http://www.corning.com ) is a diversified
technology company that concentrates its efforts on high-impact growth
opportunities. Corning combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties of light, with
strong process and manufacturing capabilities to develop, engineer and
commercialize significant innovative products for the telecommunications,
flat panel display, environmental, semiconductor, and life sciences
industries.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements that involve a
variety of business risks and other uncertainties that could cause actual
results to differ materially. These risks and uncertainties include the
possibility of changes or fluctuations in global economic and political
conditions; tariffs, import duties and currency fluctuations; product demand
and industry capacity; competitive products and pricing; manufacturing
efficiencies; cost reductions; availability and costs of critical components
and materials; new product development and commercialization; order activity
and demand from major customers; capital spending by larger customers in the
liquid crystal display industry and other businesses; changes in the mix of
sales between premium and non-premium products; facility expansions and new
plant start-up costs; possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability or major health
concerns; ability to obtain financing and capital on commercially reasonable
terms; adequacy and availability of insurance; capital resource and cash flow
activities; capital spending; equity company activities; interest costs;
acquisition and divestiture activities; the level of excess or obsolete
inventory; the rate of technology change; the ability to enforce patents;
product and components performance issues; changes in key personnel; stock
price fluctuations; and adverse litigation or regulatory developments. These
and other risk factors are identified in Corning’s filings with the
Securities and Exchange Commission. 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.
