Corning Executives Outline Key Growth Opportunities at Investor Meetings
31 Maio 2007 - 9:00AM
Business Wire
In speaking to investors today at the Sanford C. Bernstein 23rd
Annual Strategic Decisions Conference in New York City, Corning
Incorporated (NYSE:GLW) Chairman and Chief Executive Officer
Wendell P. Weeks will say, �We believe we have four significant
long-term growth opportunities at Corning, spanning a diverse set
of markets including display, diesel, telecommunications and solar
energy.� Corning�s Senior Vice President - Finance, Katherine A.
Asbeck, will also review the company�s expectations from these
growth areas at the Lehman Brothers Worldwide Wireless and Wireline
Conference in New York City tomorrow, June 1. In addition to
reiterating second-quarter guidance, Weeks and Asbeck will address
key factors driving the company�s growth opportunities. �Market
trends in the display industry remain very positive,� Weeks will
say. As previously stated, the company expects the liquid crystal
display (LCD) glass market to grow 35 to 40 percent this year,
adding at least 400 million square feet of glass to the total
demand. Weeks will add, �Corning expects next year�s end market
demand to continue to grow, with at least 400 million square feet
expected to be added in 2008 as well.� The company�s current
display industry analysis shows that panel maker�s inventories
appear to be at normal seasonal levels, showing a significant
improvement from last year. Based on this analysis, the company
also believes that current panel capacity will be adequate for 2007
and 2008 demand, but panel makers can be expected to announce
capacity expansions to meet demand for 2009 and beyond. �The diesel
opportunity is here, and now we have to deliver,� Weeks will say as
he reviews the company�s second long-term growth area. Adding to
the company�s previously disclosed expectations for this business,
Weeks will say, �We anticipate that our diesel sales could reach
between $500 and $600 million by 2010. At that sales level, this
business should have excellent gross margins and, should be a
significant contributor to the company�s bottom line.� The positive
momentum recently experienced in the telecommunications industry
will provide Corning with continued opportunity for growth.
Corning�s Telecommunications segment is expected to benefit from
the ongoing need for additional bandwidth capabilities,
particularly in the access market. �A fourth significant growth
opportunity for Corning is Hemlock Semiconductor Corporation, the
world�s leading producer of polysilicon,� Weeks will conclude.
Owned by Dow Corning Corporation, a Corning equity company,
Hemlock�s growth is increasingly driven by rapid development of the
solar energy market. �Growth in excess of 35 percent per year is
expected to continue in the solar energy market, and we are very
excited about Hemlock�s leading capabilities in meeting this
demand.� Hemlock plans to increase its output by 90 percent over
the next four years. Corning's presentations to investors at the
Bernstein Strategic Decisions Conference and Lehman Brothers
Wireless and Wireline Conferences will be available via webcast by
accessing the IR events calendar on Corning's Web site at
www.corning.com/investor_relations. About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 150 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. 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 in global economic
and political conditions; currency fluctuations; product demand and
industry capacity; competition; manufacturing efficiencies; cost
reductions; availability of critical components and materials; new
product commercialization; changes in the mix of sales between
premium and non-premium products; new plant start-up costs;
possible disruption in commercial activities due to terrorist
activity, armed conflict, political instability 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; stock
price fluctuations; and adverse litigation or regulatory
developments. Additional 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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