Youngy Group and Corning Form Joint Venture
September 29 2017 - 8:45AM
YASTEST
The JV will manufacture Corning®
Willow®
Glass laminates for interior
architecture
CORNING, N.Y.; SEPTEMBER 29, 2017 -
Corning Incorporated (NYSE: GLW) today announced a joint venture
agreement with Youngy Investment Holding Group to focus on glass
laminates for interior architecture applications.
Corning will supply glass laminate technologies
and Corning®
Willow® Glass to the
joint venture. The joint venture will manufacture the panels, which
will be used in residential and commercial applications, in Wuhu,
China.
"This relationship enables us to integrate our
advanced glass into high-end commercial buildings and homes in
China and other parts of the world," said Martin J. Curran,
executive vice president and innovation officer at Corning. "This
relationship also opens the door for us to explore additional
applications for our thin, innovative glass."
Youngy Investment Holding Group Chairman Xiangyang
Lv said: "Youngy has a tradition of focusing on commercial
application of new technologies, while Corning has strong
capabilities in materials science. Willow Glass Laminates could be
applied to modern and luxury commercial and residential
architecture. We are highly confident in our collaboration between
Youngy and Corning."
Corning and Youngy will collaborate on
manufacturing processes and equipment with the expectation that
first sales will occur in late 2018. Youngy Investment Holding
Company is a privately owned company headquartered in Guangzhou,
China.
Corning leverages its fusion manufacturing and
engineering platform to produce Corning Willow Glass for interior
architecture. Corning Willow Glass is an ultra-thin, lightweight
glass with superior optical clarity that is also chemically durable
and scratch resistant. When laminated to another material, the
benefits of Willow Glass can significantly improve the
functionality of the material and provide excellent barrier
properties.
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 Youngy Investment Holding
Group
Youngy Investment Holding Group Co. Ltd. (http://www.youngy.com.cn)
was founded in 1995. As an advanced investment company, the Group
has a vision of "discovering asset value and investing reasonably
to add value to our assets; combining resources and moving fast to
deploy resources." The corporate goal is to develop into a top
investment holding group. The operating philosophy is "to follow
market demand and satisfy client needs." The strategy is to develop
a conglomerate of integrated operations by growing industrial
enterprises, capital operation, financial and commercial services
simultaneously. Youngy invests in various industries to form an
effective industry chain. With advanced investment concepts and
sophisticated capital maneuvering, Youngy aims at diversified
development by effectively integrating different resources.
Youngy Group's businesses cover various sectors
and the size of each sector is considerable. The investment now
reaches more than RMB 150 billion in terms of market value, total
assets and annual turnover. Portfolio companies are involved in
electric vehicle and fuel vehicles, new energy, new materials,
flexible intelligent display, educational information, public
utility investment, financial services and insurance, capital
operation, etc.
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
Contact:
Pamela W.
Porter
(607)
974-9980
porterpw@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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