Corning Breaks Ground on LCD Glass Finishing Facility in China
02 Novembro 2006 - 10:00PM
Business Wire
Corning Incorporated (NYSE:GLW) announced today that its wholly
owned subsidiary in the People�s Republic of China hosted a
groundbreaking ceremony for a new liquid crystal display (LCD)
glass substrate finishing facility. Corning was the first TFT-LCD
glass substrate supplier to announce that it would locate a
production facility on the China mainland. The facility, located in
the Beijing Economic Technological Development Area, is expected to
open in the first half of 2008. �The plant that will be built on
this site will become a dynamic symbol of our commitment to the
growing Chinese TFT-LCD industry,� said Wendell P. Weeks, president
and chief executive officer, Corning Incorporated. �It�s also a key
element in our strategy to grow with our customers, while we
support one of this country�s most important industries,� Weeks
said during his address to the many officials, customers, media and
employees gathered for the celebration. Other Corning leaders who
spoke at the ceremony were Clark S. Kinlin, chief executive
officer, Greater China; James P. Clappin, president, Corning
Display Technologies; and John P. Bayne, president, Corning Display
Technologies China. �Corning�s investment enhances our position as
a leading supplier of the most pristine LCD glass substrates in the
world,� said Clappin. �We are committed to the LCD industry in
China and to growing with our customers in this important region of
the world market.� Historically, Corning has been first to enter
the LCD-producing regions that we serve, beginning with glass
finishing and then assessing the need for other operations at a
later date, based on market and customer demand. According to
industry analysts and Corning�s own market analysis, requirements
for LCD glass grew approximately 60 percent worldwide in 2005.
Driving the demand for glass are the facts that an increasing
number of CRT screens are being replaced by LCDs, and the
penetration level of flat panel displays used for desktop monitors
and televisions are also increasing. LCD TVs are continuing to grow
in popularity, representing 11 percent of the global TV market in
2005. About Corning Incorporated Corning Incorporated
(www.corning.com) is a diversified technology company that
concentrates its efforts on high-impact growth opportunities.
Corning combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties of
light, with strong process and manufacturing capabilities to
develop, engineer and commercialize significant innovative products
for the telecommunications, flat panel display, environmental,
semiconductor, and life sciences industries. Forward-Looking and
Cautionary Statements This press release contains forward-looking
statements that involve a variety of business risks and other
uncertainties that could cause actual results to differ materially.
These risks and uncertainties include the possibility of changes or
fluctuations in global economic and political conditions; tariffs,
import duties and currency fluctuations; product demand and
industry capacity; competitive products and pricing; manufacturing
efficiencies; cost reductions; availability and costs of critical
components and materials; new product development and
commercialization; order activity and demand from major customers;
capital spending by larger customers in the liquid crystal display
industry and other businesses; changes in the mix of sales between
premium and non-premium products; facility expansions and new plant
start-up costs; possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability or major
health concerns; ability to obtain financing and capital on
commercially reasonable terms; adequacy and availability of
insurance; capital resource and cash flow activities; capital
spending; equity company activities; interest costs; 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; changes in key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors are
identified 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. Corning
Incorporated (NYSE:GLW) announced today that its wholly owned
subsidiary in the People's Republic of China hosted a
groundbreaking ceremony for a new liquid crystal display (LCD)
glass substrate finishing facility. Corning was the first TFT-LCD
glass substrate supplier to announce that it would locate a
production facility on the China mainland. The facility, located in
the Beijing Economic Technological Development Area, is expected to
open in the first half of 2008. "The plant that will be built on
this site will become a dynamic symbol of our commitment to the
growing Chinese TFT-LCD industry," said Wendell P. Weeks, president
and chief executive officer, Corning Incorporated. "It's also a key
element in our strategy to grow with our customers, while we
support one of this country's most important industries," Weeks
said during his address to the many officials, customers, media and
employees gathered for the celebration. Other Corning leaders who
spoke at the ceremony were Clark S. Kinlin, chief executive
officer, Greater China; James P. Clappin, president, Corning
Display Technologies; and John P. Bayne, president, Corning Display
Technologies China. "Corning's investment enhances our position as
a leading supplier of the most pristine LCD glass substrates in the
world," said Clappin. "We are committed to the LCD industry in
China and to growing with our customers in this important region of
the world market." Historically, Corning has been first to enter
the LCD-producing regions that we serve, beginning with glass
finishing and then assessing the need for other operations at a
later date, based on market and customer demand. According to
industry analysts and Corning's own market analysis, requirements
for LCD glass grew approximately 60 percent worldwide in 2005.
Driving the demand for glass are the facts that an increasing
number of CRT screens are being replaced by LCDs, and the
penetration level of flat panel displays used for desktop monitors
and televisions are also increasing. LCD TVs are continuing to grow
in popularity, representing 11 percent of the global TV market in
2005. About Corning Incorporated Corning Incorporated
(www.corning.com) is a diversified technology company that
concentrates its efforts on high-impact growth opportunities.
Corning combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties of
light, with strong process and manufacturing capabilities to
develop, engineer and commercialize significant innovative products
for the telecommunications, flat panel display, environmental,
semiconductor, and life sciences industries. Forward-Looking and
Cautionary Statements This press release contains forward-looking
statements that involve a variety of business risks and other
uncertainties that could cause actual results to differ materially.
These risks and uncertainties include the possibility of changes or
fluctuations in global economic and political conditions; tariffs,
import duties and currency fluctuations; product demand and
industry capacity; competitive products and pricing; manufacturing
efficiencies; cost reductions; availability and costs of critical
components and materials; new product development and
commercialization; order activity and demand from major customers;
capital spending by larger customers in the liquid crystal display
industry and other businesses; changes in the mix of sales between
premium and non-premium products; facility expansions and new plant
start-up costs; possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability or major
health concerns; ability to obtain financing and capital on
commercially reasonable terms; adequacy and availability of
insurance; capital resource and cash flow activities; capital
spending; equity company activities; interest costs; 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; changes in key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors are
identified 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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