2013-02-28 02:02:27 -
Beijing plant will supply panel makers on the China mainland
CORNING, N.Y. - Corning Incorporated (NYSE:GLW) today hosted a grand opening
ceremony for a new liquid crystal display (LCD) glass substrate manufacturing
facility in the People's Republic of China.
Located in the Beijing Economic Technological Development Area, this is the
company's second thin-film transistor-liquid crystal display glass production
facility in China. Corning will provide melting, forming and finishing
capabilities up to Gen 8.5 for TFT-LCD customers, including Beijing Optical
Electronics (BOE). Corning also has LCD glass facilities in the U.S., Japan,
and Taiwan, as well as in Korea through its 50%-owned equity venture, Samsung
Corning Precision Materials.
"Our newest Beijing TFT-LCD plant reaffirms our commitment not only to our LCD
customers, but also to the growing China LCD industry. Corning recognizes that
China
is the world's leading consumer and one of the largest producers of LCD
panels for TV applications. As an industry leader in TFT-LCD glass and other
advanced display products, Corning is committed to providing customers with
reliable supplies across our worldwide network," said James P. Clappin,
president of Corning Glass Technologies.
In 2010, Corning announced an $800 million investment to construct this new LCD
glass substrate facility. With the support of the Beijing municipal government
and other local officials, Corning located this new facility in the Beijing
Digital TV Industry Park within the Beijing Economic Technological Development
Area. This plant is located near Corning's Beijing-based LCD panel maker
customers to enable more efficient collaboration on projects of mutual interest.
Commenting on today's announcement, Li Fang, president and general manager,
Corning Greater China said, "I want to extend my sincere thanks and gratitude to
the municipalities and authorities that we had the opportunity to work with
throughout this process. Corning was the first TFT-LCD glass substrate supplier
to announce that it would locate a production facility on the China mainland,
and today's celebration marks the latest milestone in Corning's ongoing support
of China's economic growth. Corning is fully committed to the TFT-LCD industry
in China and to growing with our customers."
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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass
and ceramics. Drawing on more than 160 years of materials science and process
engineering knowledge, Corning creates and makes keystone components that enable
high-technology systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass substrates for
LCD televisions, computer monitors and laptops; ceramic substrates and filters
for mobile emission control systems; optical fiber, cable, hardware & equipment
for telecommunications networks; optical biosensors for drug discovery; and
other advanced optics and specialty glass solutions for a number of industries
including semiconductor, aerospace, defense, astronomy, and metrology.
Media Relations Contacts - Corning:
John A. O'Hare
(607) 974-7488
ohareja@corning.com
M. Elizabeth Dann
(607) 974-4989
dannme@corning.com
Media Relations Contact - China:
Min Qu
011-86-21-22152888 ext. 1900
qum@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Corning Incorporated via Thomson Reuters ONE
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