Saint-Gobain and Corning Announce New Joint Venture to Produce Lightweight Glazing for the Automotive Market
January 19 2016 - 6:45AM
CORNING, N.Y., JANUARY 19, 2016 -
Saint-Gobain Sekurit and Corning Incorporated (NYSE: GLW) today
announced that they have signed an agreement to establish an
exclusive joint venture, equally owned by Saint-Gobain and Corning,
to develop, manufacture and sell lightweight automotive glazing
solutions. The venture is expected to build manufacturing
facilities to meet worldwide automotive market demand.
This new venture will take advantage of the unique
synergies available from its parent companies to bring
revolutionary innovations to the automotive market. Laminated
windows made with ultra-thin Corning®
Gorilla® Glass for
Automotive and Sekurit's automotive glass and window technologies
offer a significantly improved combination of lightness, toughness
and optical quality over traditional solutions.
These thin, lightweight automotive glazing
solutions can be used for all laminated windows in an automobile
and will significantly reduce vehicle weight, which will improve
fuel efficiency, environmental impact and vehicle handling. The
joint venture's advantaged glazing solutions will further enable
auto makers to develop the "car of the future," including improved
head-up display images.
"By combining the know-how of Saint-Gobain, a
world leader in developing and processing automotive glass, with
Corning's innovative Corning®
Gorilla® Glass
technology, the joint venture will provide the opportunity to
create a major innovation in one of Saint-Gobain's historical
businesses," said Houchan Shoeibi, president of Saint-Gobain
Sekurit.
"We are excited to collaborate with a world leader
in automotive glass, Saint-Gobain, to accelerate adoption of thin,
lightweight, durable and optically advantaged auto glazing," Martin
J. Curran, executive vice president and innovation officer, said.
"Today's announcement further demonstrates Corning's ability to
leverage its glass fusion manufacturing expertise and auto industry
experience to extend Gorilla Glass into the automotive glass
market."
This agreement is subject to the approval of the
relevant competition authorities.
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.
Digital Media
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 intends to
use 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. 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 Saint-Gobain
Backed by its experience and its capacity to continuously innovate,
Saint-Gobain, the world leader in the habitat and construction
market, designs, manufactures and distributes high-performance and
building materials providing innovative solutions to the challenges
of growth, energy efficiency and environmental protection. With
2014 sales of €38.3 billion*, Saint-Gobain operates in 66 countries
and has more than 170,000 employees. For more information about
Saint-Gobain, visit www.saint-gobain.com and the twitter account
@saintgobain, or download the "Saint-Gobain Shareholder"
application for tablet and smartphone. * restated
excluding Verallia
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.
Saint-Gobain Analyst/Investor
Relations:
Gaetano Terrasini: +33 1 47 62 32 52
Vivien Dardel: +33 1 47 62 44 29
Florent Nouveau: +33 1 47 62 30 93
Saint-Gobain Press
Relations:
Charles Hufnagel: +33 1 47 62 30 10
Susanne Trabitzsch: +33 1 47 62 43 25
Media Relations
Contact:
Daniel F.
Collins
(607)
974-4197
collinsdf@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
Follow
Corning: RSS
Feeds | Facebook | Twitter | YouTube
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
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
HUG#1979763
Corning (NYSE:GLW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Corning (NYSE:GLW)
Historical Stock Chart
From Apr 2023 to Apr 2024