Corning to Invest in Gen 8.5 LCD Glass Substrate Finishing Facility in Chongqing
June 24 2015 - 4:30PM
Increased local capacity will serve Chinese panel
makers
CORNING, N.Y., June 24,
2015 - Corning Incorporated (NYSE: GLW) announced that it
will invest in a new Gen 8.5 liquid crystal display (LCD) glass
substrate finishing facility in Chongqing Liangjiang New Area
(CQLJ) in Southwest China.
This new finishing facility will become Corning's
second LCD plant on the China mainland. Corning also operates a
melting and finishing LCD plant in Beijing. This investment is
driven by strong demand for LCD substrates in China and will enable
Corning to serve Chinese panel makers more effectively through
localized glass supply. The company did not disclose the funding
level for this project.
"We are excited about this announcement,"
commented John Zhang, deputy general manager of Corning Display
Technologies, at a special signing ceremony hosted at Corning's
headquarters. "Chongqing is a great city for investment with
advanced and modern infrastructure. Known as the 'land of laptops,'
it is a strategic location for investment given its importance to
the IT and display industries. Investment in this facility will
help us better serve our customers throughout China."
"This new investment enhances our position as a
leading supplier of the highest quality LCD glass substrates, and
demonstrates our long-term commitment to grow with our customers
throughout the region," said Alan Dowdell, president of Corning
Display Technologies China, who signed the investment agreement at
the ceremony with Tang Zongwei, executive deputy director of the
Chongqing Liangjiang New Area facility.
"We welcome Corning's investment and believe this
is the beginning of a great cooperative relationship between
Corning and us," said Tang Zongwei. "As a U.S. Fortune 500 company,
as well as a world-leading supplier of glass substrates used in LCD
and OLED applications, Corning continues to make significant
investments in China to support the development of local
industries. We are very pleased that Corning chose to invest in
Chongqing, and we look forward to more investment and cooperation.
We wish Corning continued success in China."
"Corning has been committed to Chinese industry
since we first entered the China market in the early 1980s,"
remarked Li Fang, president and general manager of Corning Greater
China. "This investment is the latest milestone in Corning's
longstanding support of China's display industry."
Forward-Looking and Cautionary 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 effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; 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; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed 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.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contact:
John O'Hare
(607)
974-7488
ohareja@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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This
announcement is distributed by NASDAQ OMX Corporate Solutions on
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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