Corning Incorporated (NYSE: GLW) today announced the official opening of a new state-of-the-art manufacturing and distribution facility for Corning Life Sciences in China’s Yangtze River Delta. The grand opening ceremony was held just over a year after Corning’s Board of Directors approved the approximately $40 million (USD) capital expenditure plan in July 2010.
The facility, located in the Wujiang Economic Development Zone, combines labware manufacturing capacity with a full-service distribution center. This combination will enable Corning to provide customers in China its broad portfolio of cost-competitive labware solutions with high levels of service. In doing so, Corning is well positioned to support the growth of the life sciences market in China, which is expected to exceed 20% annually through 2015.
“Today’s official opening represents another milestone for Corning in China. It reinforces our strategy to locate facilities in growth regions,” said Eric S. Musser, chief executive officer of Corning Greater China. “With the opening of this facility, Corning is one of the first U.S. manufacturers of locally produced labware products with improved market access and local distribution in China. It further reflects our commitment to grow with the customers and to support the country’s life sciences industry through a combination of strategic investments, innovative technologies, and leadership.”
“The lab consumable market in China is growing significantly as the country’s pharmaceutical industry and the region’s research and development spending continue to grow and flourish,” said Lydia A. Kenton, vice president and general manager of Corning Life Sciences Base Business. “As a leading developer, manufacturer and global supplier of scientific laboratory products for more than 90 years, Corning is well positioned in China to provide a full range of innovative solutions that improve productivity and enable breakthrough discoveries by using its unique expertise in the combined fields of optics, materials science, surfaces, and biology.”
Douglas L. Lohse, general manager, Corning Life Sciences Greater China, hosted the grand opening celebration. Leaders from the Chinese government, employees, and customers attended the ceremony. Corning Life Sciences continually brings new and innovative laboratory technologies to researchers worldwide and helps customers succeed by providing innovative, high-quality products and services in the areas of Life Sciences and chemistry, surface modification, and characterization science.
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 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.