Corning and Stevanato Group Enter New Agreement to Supply New Corning Valor(TM) Glass to the Pharmaceutical Packaging Market
July 25 2017 - 12:21PM
Remarkable glass innovation enables enhanced quality
parenteral packaging
CORNING, N.Y., and PIOMBINO,
DESE, PADUA, Italy; JULY 25,
2017- Corning Incorporated (NYSE: GLW) and
Stevanato Group announced today a new collaboration agreement
focused on supplying Corning Valor(TM) Glass to the pharmaceutical
industry.
Valor Glass is a high-quality glass container
designed for the storage and delivery of injectable drugs. Drug
formulations and drug manufacturing processes have evolved
significantly over the past century, requiring a stronger,
chemically durable, 21st century
packaging technology to better protect drug products, including
life-saving medicines.
Valor Glass offers superior chemical durability,
strength, and damage resistance, resulting in better protection for
drug products. Valor Glass enables increased throughput and higher
levels of quality assurance for pharmaceutical companies, and
higher-quality medicines for patients.
Corning and Stevanato Group have been working
together since 2011 to enable higher quality pharmaceutical
containers. The latest agreement extends that relationship and
combines Stevanato's state-of-the-art converting technology with
Valor Glass to provide pharmaceutical customers with the highest
quality pharmaceutical containers.
Franco Stevanato, chief executive officer of
Stevanato Group, commented: "Corning and Stevanato Group have a
shared commitment to innovation and bringing the highest quality
pharmaceutical containers to the industry. Valor is a Type I glass
that is well aligned with that shared commitment and we are
delighted to be working together on it."
"Stevanato Group is well respected in this
industry because they ensure the highest standards of quality and
innovation throughout their production process. We look forward to
continuing this work with Stevanato to improve quality in the
pharmaceutical glass packaging industry," said Ron Verkleeren, vice
president and general manager, Corning Pharmaceutical
Technologies.
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.
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information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it intends to
use its website
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publish important information about the company, including
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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 Stevanato
Group
Founded in 1949, Stevanato Group is committed to create systems,
processes and services that guarantee the integrity of parenteral
medicines. It comprises two operational divisions dedicated to
serve the pharmaceutical industry: Pharmaceutical Systems with Ompi
specialized in glass primary packaging and Balda, focused on
specialty plastics and delivery devices; Engineering Systems with
Spami, Optrel, InnoScan and SVM, specialized in glass processing,
inspection systems, assembly and packaging solutions. www.stevanatogroup.com
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science, with a 166-year track record of life-changing
inventions. Corning applies its unparalleled expertise in glass
science, ceramics 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 optical
communications, mobile consumer electronics, display technology,
automotive, and life sciences vessels. Corning's industry-leading
products include damage-resistant cover glass for mobile devices;
precision glass for advanced displays; optical fiber, wireless
technologies, and connectivity solutions for state-of-the-art
communications networks; trusted products to accelerate drug
discovery and delivery; and clean-air technologies for cars and
trucks.
Media Relations
Contacts:
M. Elizabeth
Dann
(607) 974-4989
dannme@corning.com
Chelsea Tracy-Zelko
(607) 974-4450
tracycr@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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information contained therein.
Source: Corning Incorporated via Globenewswire
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