Saint-Gobain Sekurit and Corning Incorporated (NYSE: GLW) today announced that they have signed an agreement to establish an exclusive joint venture, equally owned by Saint-Gobain and Corning, to develop, manufacture and sell lightweight automotive glazing solutions. The venture is expected to build manufacturing facilities to meet worldwide automotive market demand.
This new venture will take advantage of the unique synergies available from its parent companies to bring revolutionary innovations to the automotive market. Laminated windows made with ultra-thin Corning® Gorilla® Glass for Automotive and Sekurit’s automotive glass and window technologies offer a significantly improved combination of lightness, toughness and optical quality over traditional solutions.
These thin, lightweight automotive glazing solutions can be used for all laminated windows in an automobile and will significantly reduce vehicle weight, which will improve fuel efficiency, environmental impact and vehicle handling. The joint venture’s advantaged glazing solutions will further enable auto makers to develop the “car of the future,” including improved head-up display images.
“By combining the know-how of Saint-Gobain, a world leader in developing and processing automotive glass, with Corning’s innovative Corning® Gorilla® Glass technology, the joint venture will provide the opportunity to create a major innovation in one of Saint-Gobain’s historical businesses,” said Houchan Shoeibi, president of Saint-Gobain Sekurit.
“We are excited to collaborate with a world leader in automotive glass, Saint-Gobain, to accelerate adoption of thin, lightweight, durable and optically advantaged auto glazing,” Martin J. Curran, executive vice president and innovation officer, said. “Today’s announcement further demonstrates Corning’s ability to leverage its glass fusion manufacturing expertise and auto industry experience to extend Gorilla Glass into the automotive glass market.”
This agreement is subject to the approval of the relevant competition authorities.
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.
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Backed by its experience and its capacity to continuously innovate, Saint-Gobain, the world leader in the habitat and construction market, designs, manufactures and distributes high-performance and building materials providing innovative solutions to the challenges of growth, energy efficiency and environmental protection. With 2014 sales of €38.3 billion*, Saint-Gobain operates in 66 countries and has more than 170,000 employees. For more information about Saint-Gobain, visit www.saint-gobain.com and the twitter account @saintgobain, or download the “Saint-Gobain Shareholder” application for tablet and smartphone. * restated excluding Verallia
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.