Corning Incorporated (NYSE:GLW) and SGD Pharma today announced a
joint venture that includes the opening of a new glass tubing
facility to expand pharmaceutical manufacturing in India and allows
SGD Pharma to adopt Corning’s Velocity® Vial technology platform.
Combining SGD Pharma’s vial-converting expertise with Corning’s
proprietary glass-coating technology, the collaboration will
enhance vial quality, improve filling-line productivity, and speed
the global delivery of injectable treatments. SGD Pharma and
Corning have broken ground on a new pharmaceutical glass tubing
facility in Telangana, India. Together, the two companies will help
drugmakers respond to increasingly complex capacity and quality
issues while meeting global demand for critical medicines.
“The partnership with Corning represents yet another step in our
strategy to advance converting technology in the pharmaceutical
industry and secure our supply chain. The introduction of Velocity
Vials will contribute to the ongoing evolution of our offerings and
services and will expand our portfolio of high-quality tubular
glass packaging,” said Olivier Rousseau, CEO SGD Pharma. “We see an
opportunity for the industry to improve drug filling quality and
performance capabilities by transitioning to Corning’s coated vial
technology.”
SGD Pharma joins a growing network of leading primary-packaging
manufacturers adopting Corning’s cutting-edge coating technology.
The joint venture expands Velocity Vials’ manufacturing footprint,
localizes its supply chains in India, and enables easier adoption
of the technology by customers.
“Corning is advancing pharmaceutical glass technology to help
our customers address their most pressing challenges – globally and
locally,” said Ron Verkleeren, senior vice president and general
manager of Corning’s Life Sciences Market Access Platform. “The
joint venture with SGD Pharma supports our continued global
expansion as we localize manufacturing for our customers. The
collaboration also strengthens our leadership position in the
industry and underscores our commitment to India’s high-growth
market.”
Manufacturing of Velocity Vials at SGD Pharma’s facility in
Vemula, India, is expected to begin in 2024. Pharmaceutical tubing
production is expected to begin in 2025.
Learn more about Corning’s Velocity Vial technology platform
here.
Caution Concerning Forward-Looking
StatementsThe statements contained in this release and
related comments by management that are not historical facts or
information and contain words such as “will,” “believe,”
“anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,”
and “target” and similar expressions are forward-looking
statements. These forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and include estimates and assumptions related to
economic, competitive and legislative developments. Such statements
relate to future events that by their nature address matters that
are, to different degrees, uncertain. These forward-looking
statements relate to, among other things, the Company’s future
operating performance, the Company’s share of new and existing
markets, the Company's revenue and earnings growth rates, the
Company’s ability to innovate and commercialize new products, the
Company's expected capital expenditure and the Company’s
implementation of cost-reduction initiatives and measures to
improve pricing, including the optimization of the Company’s
manufacturing capacity.
Although the Company believes that these forward-looking
statements are based upon reasonable assumptions regarding, among
other things, current estimates and forecasts, general economic
conditions, its knowledge of its business and key performance
indicators that impact the Company, there can be no assurance that
these forward-looking statements will prove to accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management’s estimates or opinions should change except as required
by applicable securities laws.
Some of the risks, uncertainties and other factors that could
cause actual results to differ materially from those expressed in
or implied by the forward-looking statements include, but are not
limited to: global economic trends, competition and geopolitical
risks, or an escalation of sanctions, tariffs or other trade
tensions between the U.S. and China or other countries, and related
impacts on our businesses' global supply chains and strategies;
changes in macroeconomic and market conditions and market
volatility, including developments and volatility arising from the
COVID-19 pandemic, inflation, interest rates, the value of
securities and other financial assets, precious metals, oil,
natural gas and other commodity prices and exchange rates
(particularly between the U.S. dollar and the Japanese yen, new
Taiwan dollar, euro, Chinese yuan and South Korean won), the
availability of government incentives, decreases or sudden
increases of consumer demand, and the impact of such changes and
volatility on our financial position and businesses; the duration
and severity of the COVID-19 pandemic and its impact across our
businesses on demand, personnel, operations, our global supply
chains and stock price; possible disruption in commercial
activities or our supply chain due to terrorist activity,
cyber-attack, armed conflict, political or financial instability,
natural disasters, international trade disputes or major health
concerns; loss of intellectual property due to theft, cyber-attack,
or disruption to our information technology infrastructure; ability
to enforce patents and protect intellectual property and trade
secrets; unanticipated disruption to Corning’s, our suppliers’ and
manufacturers’ supply chain, equipment, facilities, IT systems or
operations; product demand and industry capacity; competitive
products and pricing; availability and costs of critical
components, materials, equipment, natural resources and utilities;
new product development and commercialization; order activity and
demand from major customers; the amount and timing of our cash
flows and earnings and other conditions, which may affect our
ability to pay our quarterly dividend at the planned level or to
repurchase shares at planned levels; the amount and timing of any
future dividends; the effects of acquisitions, dispositions and
other similar transactions; the effect of regulatory and legal
developments; ability to pace capital spending to anticipated
levels of customer demand; our ability to increase margins through
implementation of operational changes, pricing actions and cost
reduction measures; rate of technology change; adverse litigation;
product and component performance issues; retention of key
personnel; customer ability to maintain profitable operations and
obtain financing to fund ongoing operations and manufacturing
expansions and pay receivables when due; loss of significant
customers; changes in tax laws, regulations and international tax
standards; the impacts of audits by taxing authorities; the
potential impact of legislation, government regulations, and other
government action and investigations; and other risks detailed in
Corning’s SEC filings.
For a complete listing of risks and other factors, please
reference the risk factors and forward-looking statements described
in our annual reports on Form 10-K and quarterly reports on Form
10-Q.
Web DisclosureIn 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 uses its website 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 IncorporatedCorning
(www.corning.com) is one of the world's leading innovators in
materials science, with a 170-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 its customers capture new
opportunities in dynamic industries. Today, Corning's markets
include optical communications, mobile consumer electronics,
display, automotive, solar, semiconductors, and life
sciences.About SGD PharmaSGD Pharma
(www.sgd-pharma.com) is a global producer of molded and tubular
glass for the pharmaceutical primary packaging Industry. Building
on over a century of expertise, we provide exceptional quality
packaging solutions dedicated to parenteral, oral, and nasal
products for every therapeutic application. Our worldwide clients
are supported by more than 90 agents and distributors and benefit
from ongoing innovation at our five best-in-class ISO 15378
certified, GMP compliant manufacturing plants, giving truly global
supply chain infrastructure.
Media Relations
Contacts:
Corning IncorporatedMeredith Hoing(202)
774-0799hoingmj@corning.com
SGD PharmaJean-Pascal Marquié+33(0)6 51 41 90
59jean-pascal.marquie@sgdgroup.com
Investor Relations Contact:
Ann H.S. Nicholson(607) 974-6716nicholsoas@corning.com
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