Corning Incorporated (NYSE: GLW) today announced plans to expand the focus of its world-class technology development programs at the new Corning Technology Center in Asan, Korea. Corning plans to develop next-generation glass and ceramic solutions for key customer applications in consumer electronics and other industries. Projects are expected to focus on key innovations such as flexible displays, as well as programs in ceramics, cover glass, energy storage, and advanced-flow reactors for chemical processing. Corning expects these new programs to begin by the end of this year.
“We are positioning this facility as our regional technology center. We recognize and want to build on Korea’s innovative expertise and wide pool of outstanding engineers, as we collaborate with leading Korean companies to develop important new technologies,” said Wendell P. Weeks, chairman, chief executive officer and president.
Earlier this year, Corning acquired full ownership of Samsung Corning Precision Materials Co., Ltd., (now known as Corning Precision Materials Co., Ltd.), which has outstanding manufacturing and engineering capabilities. Recently, Corning’s production in Korea was extended to include industry-leading Corning® Gorilla® Glass. Corning expects to continue expanding manufacturing capability in Corning Precision Materials as it becomes a global center of operations for the company’s display business. Corning’s new Technology Center in Asan furthers the company’s commitment to growth in Korea.
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.