Retrofitted facility will be
third Corning manufacturing site in Hefei, China
CORNING, N.Y.; JULY 16, 2018 - 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.
Media Relations
Contacts:
United States
Anna
Giambrone
(607)
974-5933
giambronai@corning.com
China
Cara Xie
86-21-2215-2888
XieZ3@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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information contained therein.
Source: Corning Incorporated via Globenewswire
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