Corning CTO: "We Will Sustain Long Tradition of Innovation"
Miller reflects on a century of R&D; Describes current portfolio as ‘fifth wave'
CORNING, N.Y., April 24, 2008 – As part of Corning Incorporated's (NYSE:GLW) celebration of 100 years of formalized research and development, Chief Technology Officer Dr. Joseph Miller delivered a special presentation at the company's annual shareholder meeting today. Drawing upon his extensive R&D experience, Dr. Miller described Corning's track record of innovation as "remarkable."
Titled, "A Century of R&D," Dr. Miller's presentation examined the technology leaders, life-changing inventions, and infrastructure investments that have made Corning's science and technology center "one of the world's best laboratories." He noted that there were only a handful of American companies engaged in R&D when the Houghton family hired Eugene Sullivan to create Corning's first research facility in 1908. Miller credited Sullivan with creating "an environment where research and development flourished."
Miller highlighted four major waves of innovation under Corning's technology leaders. He lauded their consistent commitment to scientific discovery, but also noted distinct contributions.
- Sullivan was a chemist, explained Miller, and focused on enhancing the heat resistance and mechanical strength of glass. Under his leadership, Corning developed new glass for railroad lanterns, new methods for producing light bulbs, and invented the composition for Pyrex®, which led to Corning's foray into the laboratory glassware and consumer products businesses.
- Describing Jesse Littleton, who led Corning's R&D efforts during the 1930s, as the "dean of physical properties of glass," Miller identified silicones and cathode ray tubes for television as key contributions under his leadership. He also noted that the invention of the vapor deposition process occurred during Littleton's tenure by protégée Frank Hyde. The near-flawless glass produced by this process became the foundation for numerous specialized technologies including sophisticated telescope mirrors, space shuttle windows, and eventually optical fiber.
- Miller described William Armistead, Corning's director of R&D throughout the 1950s and 1960s, as "first and foremost, an inventor," responsible for more than 50 new glass compositions. He also credited Armistead with increasing Corning's focus on exploratory research. CorningWare®, photochromatic glass, and the first commercial tubes for color television are some of the key inventions from Armistead's era.
- Jack Hutchins, David Duke, and Charles "Skip" Deneka led Corning's fourth wave of innovation from the 1970s through the 1990s. They drove Corning's leadership in telecommunications, while also making their personal marks on Corning's research efforts. Hutchins was an early champion of industrial biotechnology; Duke was a vigorous defender of intellectual property; and Deneka led an aggressive R&D expansion to capitalize on the rapid growth in optical communications.
Miller highlighted Corning's unusual emphasis on process research. Identifying the 1926 ribbon machine – which made it possible to produce 18,000 light bulbs an hour – as Corning's first manufacturing process invention, he remarked that this focus was a key differentiator for the company. He cited the development of the fusion overflow glass-making process in the late 1960s by scientists Stuart Dockerty and Clint Shay as an example of how process research has led to long-term competitive advantage – driving Corning's leadership in the liquid-crystal display industry today.
Miller illustrated how Corning's inventions became stepping stones for future innovation. For example, inventor George Beall expanded upon Don Stookey's 1957 glass-ceramics invention to create cookware with new capabilities. And biochemist Ralph Messing's work in the 1970s combining glass with active enzymes laid the foundation for today's Epic® System drug discovery tool. Miller also noted that the seeds of Corning's contemporary innovation recipe were sown during an earlier era. He drew a direct line between Armistead's visionary incorporation of multiple disciplines within the laboratory and today's focus on integrating diverse and complex technology into keystone components.
He concluded with a brief look at Corning's innovation portfolio today, and described the company's current R&D initiatives as the "fifth wave of innovation." Citing recent product launches such as Gorilla™ glass for touch screens, ClearCurve™ fiber, and DuraTrap® diesel filters based on entirely new glass and ceramic compositions, Miller observed that innovation productivity "may be at a historical high." He identified several next-wave technologies in Corning's R&D pipeline, including green lasers (to enable portable projection); mercury abatement technology (to reduce emissions from coal-fired plants); microreactors (to facilitate more efficient chemical processing); and silicon-on-glass technology (to create advanced displays). He noted that Corning's ongoing investment in R&D is fueling this next wave. The company allocates 10% of revenues to R&D and recently began a $300 million expansion to the Sullivan Park research and development complex.
Miller told shareholders, "You can be assured that we will sustain the long tradition of innovation for which Corning is so well known."
For more information on Corning's Century of R&D, visit www.corning.com/r_d/century_of_research_development.aspx
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 150 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.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes in global economic and political conditions; currency fluctuations; product demand and industry capacity; competition; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; changes in the mix of sales between premium and non-premium products; new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability 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; stock price fluctuations; and adverse litigation or regulatory developments. Additional risk factors are identified 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.
Media Relations Contact:
Daniel F. Collins
(607) 974-4197
collinsdf@corning.com
Investor Relations Contact:
Kenneth C. Sofio
(607) 974-7705
sofiokc@corning.com
|