Corning Incorporated (NYSE: GLW) today announced its equity investment in Menlo Micro, a newly formed company founded to scale and deliver a unique digital micro-switch technology platform that enables unprecedented power handling and electrical performance.
Menlo Micro’s unique digital micro-switch technology opens new possibilities in a variety of applications including medical, military, mobile communications, and consumer electronics.
Corning’s precision wafers, panels, and through glass vias (TGVs) will play an important role in delivering the small-form factor, high-frequency, high-power operation, and reliability of Menlo Micro’s digital micro-switch technology platform.
Compared to traditional materials, such as organics or silicon, Corning’s innovative solutions offer better thermal characteristics and electrical performance at the reliability levels required by some of the industries’ most demanding applications and customers. In addition, Corning’s TGV platforms enable Menlo Micro to scale production to meet the opportunities new applications can provide.
“We’ve been developing and delivering glass innovations aimed at the challenges presented by the semiconductor industry for years and have found that the electrical, mechanical and thermal properties of our glass solutions are enabling next-generation technologies,” said David Velasquez, business director, Corning Precision Glass Solutions. “We are excited about the combination of Menlo Micro’s expertise in MEMS-based solutions and Corning’s ability to deliver highly scalable, small-form factor materials, which can enable this significant innovation for Menlo Micro’s customers in this fast growing industry.”
As a result of the investment, Corning has a minority ownership position in Menlo Micro and observer rights to Menlo Micro’s board of directors. The newly formed company, led by Russ Garcia, chief executive officer, is headquartered in Irvine, California. Menlo Micro is also backed by G.E. Ventures and investments from semiconductor manufacturer, Microsemi, and Palladian Capital Group.
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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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.