By Ben Fox Rubin
Corning Inc. (GLW) agreed to invest in View Inc., funding
intended to help the start-up glass manufacturer scale up
operations and develop its products.
View is developing "dynamic glass," a type of exterior window
that adjusts its tint based on the brightness outside and can be
wirelessly controlled. The company says its glass can allow
architects to design buildings with more freedom and also reduce
HVAC and lighting energy consumption in commercial installations by
20% annually.
"While dynamic glass has been in development for decades, we
believe View's unique approach will finally bring this technology
into the mainstream," said Martin J. Curran, Corning's innovation
officer.
View has been shipping dynamic glass from its manufacturing
operations in Olive Branch, Miss. The new infusion of funding and
collaboration with Corning should help the company further scale
its operations to meet accelerating demand, as well as continue to
develop and advance dynamic glass technology, Corning said.
Corning, which relies on sales of LCD-TV glass for the bulk of
its profits, has seen its exposure to the consumer-electronics
market push down results in recent quarters, as soft demand
depresses prices for TV sets and the components they use. Last
year, the company tweaked its LCD-glass pricing strategy to help
stabilize prices, prompting a backlash among investors worried new
pricing agreements might backfire.
The company in April said its first-quarter earnings rose as the
materials maker benefited from lower tax costs and stabilizing
prices for its television glass, offsetting weaker sales from its
telecom business.
Corning's shares closed Monday at $15.11 and were inactive
premarket. The stock is up 20% so far this year.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires