Corning Incorporated (NYSE: GLW) announced that it will invest in a new Gen 8.5 liquid crystal display (LCD) glass substrate finishing facility in Chongqing Liangjiang New Area (CQLJ) in Southwest China.
This new finishing facility will become Corning’s second LCD plant on the China mainland. Corning also operates a melting and finishing LCD plant in Beijing. This investment is driven by strong demand for LCD substrates in China and will enable Corning to serve Chinese panel makers more effectively through localized glass supply. The company did not disclose the funding level for this project.
“We are excited about this announcement,” commented John Zhang, deputy general manager of Corning Display Technologies, at a special signing ceremony hosted at Corning’s headquarters. “Chongqing is a great city for investment with advanced and modern infrastructure. Known as the ‘land of laptops,’ it is a strategic location for investment given its importance to the IT and display industries. Investment in this facility will help us better serve our customers throughout China.”
“This new investment enhances our position as a leading supplier of the highest quality LCD glass substrates, and demonstrates our long-term commitment to grow with our customers throughout the region,” said Alan Dowdell, president of Corning Display Technologies China, who signed the investment agreement at the ceremony with Tang Zongwei, executive deputy director of the Chongqing Liangjiang New Area facility.
“We welcome Corning's investment and believe this is the beginning of a great cooperative relationship between Corning and us,” said Tang Zongwei. “As a U.S. Fortune 500 company, as well as a world-leading supplier of glass substrates used in LCD and OLED applications, Corning continues to make significant investments in China to support the development of local industries. We are very pleased that Corning chose to invest in Chongqing, and we look forward to more investment and cooperation. We wish Corning continued success in China.”
“Corning has been committed to Chinese industry since we first entered the China market in the early 1980s,” remarked Li Fang, president and general manager of Corning Greater China. “This investment is the latest milestone in Corning’s longstanding support of China’s display industry.”
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 (www.corning.com) is one of the world’s leading innovators in materials science. For more than 160 years, Corning has applied its unparalleled expertise in specialty glass, ceramics, and optical physics to develop products that have created new industries and transformed people’s lives. Corning succeeds through sustained investment in R&D, a unique combination of material and process innovation, and close collaboration with customers to solve tough technology challenges. Corning’s businesses and markets are constantly evolving. Today, Corning’s products enable diverse industries such as consumer electronics, telecommunications, transportation, and life sciences. They include damage-resistant cover glass for smartphones and tablets; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for high-speed communications networks; trusted products that accelerate drug discovery and manufacturing; and emissions-control products for cars, trucks, and off-road vehicles.