Beijing plant will supply panel makers on the China mainland
Corning Incorporated (NYSE:GLW) today hosted a grand opening ceremony for a new liquid crystal display (LCD) glass substrate manufacturing facility in the People's Republic of China.
Located in the Beijing Economic Technological Development Area, this is the company's second thin-film transistor-liquid crystal display glass production facility in China. Corning will provide melting, forming and finishing capabilities up to Gen 8.5 for TFT-LCD customers, including Beijing Optical Electronics (BOE). Corning also has LCD glass facilities in the U.S., Japan, and Taiwan, as well as in Korea through its 50%-owned equity venture, Samsung Corning Precision Materials.
"Our newest Beijing TFT-LCD plant reaffirms our commitment not only to our LCD customers, but also to the growing China LCD industry. Corning recognizes that China is the world's leading consumer and one of the largest producers of LCD panels for TV applications. As an industry leader in TFT-LCD glass and other advanced display products, Corning is committed to providing customers with reliable supplies across our worldwide network," said James P. Clappin, president of Corning Glass Technologies.
In 2010, Corning announced an $800 million investment to construct this new LCD glass substrate facility. With the support of the Beijing municipal government and other local officials, Corning located this new facility in the Beijing Digital TV Industry Park within the Beijing Economic Technological Development Area. This plant is located near Corning's Beijing-based LCD panel maker customers to enable more efficient collaboration on projects of mutual interest.
Commenting on today's announcement, Li Fang, president and general manager, Corning Greater China, said, "I want to extend my sincere thanks and gratitude to the municipalities and authorities that we had the opportunity to work with throughout this process. Corning was the first TFT-LCD glass substrate supplier to announce that it would locate a production facility on the China mainland, and today's celebration marks the latest milestone in Corning's ongoing support of China's economic growth. Corning is fully committed to the TFT-LCD industry in China and to growing with our customers."
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 Incorporated is the world leader in specialty glass and ceramics. Drawing on more than 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.
