GLW Corning Inc

CORNING, N.Y., March 6, 2018 - Corning Incorporated (NYSE:GLW) and AU Optronics Corporation (AUO) today announced that they have agreed to collaborate on a solar power generation project in Taiwan that will provide enough electricity to meet the power needs of approximately 300 U.S. households a year, while significantly reducing carbon dioxide emissions.

The agreement calls for AUO to fund the installation of rooftop solar power equipment at Corning manufacturing facilities in Taichung and Tainan. AUO will rent the roof space from Corning and sell the electricity generated by the solar panels to the Taiwan Power Company, a state-owned electric utility. 

James P. Clappin, president, Corning Glass Technologies, and Paul Peng, chairman and CEO of AUO, inaugurated the startup of a solar power station at Corning's Taichung glass substrate manufacturing facility. They were joined by Chia-Lung Lin, mayor of Taichung City, and Dr. Ming-Huang Chen, director-general, Central Taiwan Science Park. 

"Corning is proud to join with AUO, one of our most valued customers, to deliver 'green power' in the form of solar energy," Clappin said. "This project will showcase AUO's advanced solar power technology, while supporting the country's renewable energy policies."

The combined rooftop solar panel processing area of the two Corning facilities extends approximately the length of three soccer fields and is designed to produce 2,500 kilowatts of power.

In addition, it is estimated that the solar power generation at the two plants will enable Corning to reduce its carbon dioxide (CO2) emissions by more than 2,375 metric tons per year. 

"AUO has been devoted to the solar energy business for many years and demonstrated strong capabilities in building all-round solar power plants," said Paul SL Peng, AUO's chairman and CEO. "We have not only completed Taiwan's largest rooftop power plant in the Central Taiwan Science Park, but also encouraged our supply chain partners to engage in green energy development with us. AUO is glad to help build the solar systems at Corning's Taichung and Tainan plants with high efficiency solar modules, achieving a total capacity of 2,500 kilowatts. We are honored to work with our partners to create green business opportunities, in an aim to boost energy generation and promote corporate sustainability."

"Corning believes that conserving energy makes good business sense," Clappin remarked. "We're committed to making a positive difference in Taiwan by supporting communities where our employees live and work, by preserving our environment, and by engaging in responsible business and manufacturing processes. This investment in green power is one more step in that direction." 

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.

Web 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, or supplemental to information contained in this or other press releases. 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 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, ceramic 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 - Taiwan:                                   
Shao-Kang Lee
(02)2716-0338 ext. 6221
leesk@corning.com

Media Relations Contact - U.S.:
Joe Dunning
(607) 974-5006
dunningjm@corning.com

Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com

Follow Corning: RSS Feeds | Facebook | Twitter | YouTube

Corning (NYSE:GLW)
Historical Stock Chart
From Mar 2024 to Apr 2024

Corning (NYSE:GLW)
Historical Stock Chart
From Apr 2023 to Apr 2024