Corning to Invest in Manufacturing Facility for Automotive Glass Solutions

Corning to Invest in Manufacturing Facility for Automotive Glass Solutions

Corning to Invest in Manufacturing Facility

News Releases
Corporate Communications
Corning to Invest in Manufacturing Facility for Automotive Glass Solutions
Corning to Invest in Manufacturing Facility for Automotive Glass Solutions
CORNING, N.Y. | Corning Incorporated | July 15, 2018
Retrofitted facility will be third Corning manufacturing site in Hefei, China

Corning Incorporated (NYSE: GLW) announced today that, with the support of the Hefei government, it will invest in an existing production facility in the Hefei Xinzhan Hi-Tech Industrial Development Zone in the Anhui Province, China, for its Automotive Glass Solutions business.

This facility, which Corning expects to be fully operational in 2019, will produce Corning Gorilla Glass for Automotive Interiors, a durable and optically advantaged cover glass solution specially designed for automotive interior applications. Retrofitting an existing facility will help Corning bring on new capacity quickly and efficiently in advancing the growth of its automotive glass solutions business.

“Corning is excited to be delivering technical glass solutions that address and accelerate the adoption of more dynamic and visually appealing in-vehicle infotainment systems. Our cover-glass innovations deliver advantaged performance and economics versus commodity materials and are driving significant pull for our products,” said Michael Kunigonis, vice president and general manager, Corning Automotive Glass Solutions. “Corning’s investment will deliver the capability, quality and capacity the auto industry needs to drive innovation and supply drivers with the connectivity and user experience they desire.”

Corning’s decades-long leadership in the display, mobile consumer electronics, and automotive markets positions the company to deliver advanced technical glass solutions and an extensive partner ecosystem to its auto glass customers. Corning helped create the first displays in 1947 with its television picture tubes and revolutionized the industry with LCD glass in the early 2000s. In the automotive industry, Corning has 40+ years of OEM market presence with its cellular ceramic substrates that take harmful emissions out of vehicle exhaust systems. For mobile consumer electronics, Corning has been a leading cover glass supplier for top OEMs since 2007, with Corning® Gorilla® Glass having been featured on more than five billion devices worldwide.

This manufacturing facility demonstrates Corning’s continued commitment to China and marks the company’s third investment in Hefei within the past three years. Corning Environmental Technologies announced a new facility focused on its gasoline particulate filter product line and Corning Display Technologies recently opened the world’s largest LCD glass substrate facility to supply BOE, China’s leading panel maker.

“Corning has been committed to the China auto industry since we first entered the China market in the early 1980s, and this investment underscores Corning’s longstanding support of this market,” said Li Fang, president and general manager, Corning Greater China. “Corning selects its manufacturing locations to be close to our customers, which makes Hefei an ideal location. Additionally, we have found Hefei to have excellent infrastructure and a solid base of skilled local talent. We appreciate the support we have received from the Hefei municipal government and the industrial development leadership from Anhui provincial officials.”

Caution Concerning Forward-Looking 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 effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. 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.

Web Disclosure

In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated

Corning (www.corning.com) is one of the world's leading innovators in materials science, with a more than 165-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries.

Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display technology, automotive, and life sciences vessels. Corning's industry-leading products include damage-resistant cover glass for mobile devices; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for state-of-the-art communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks.