Corning
Advanced-Flow Reactor Technology Co., Ltd. to be headquartered
in Changzhou
CORNING, N.Y.; MARCH 21, 2019 . -- Corning Incorporated (NYSE: GLW) announced
today that its subsidiary, Corning Singapore Holdings Private
Limited, signed an investment agreement with the
Changzhou government in China to establish a
new headquarters for Corning's
Advanced-Flow(TM) Reactors (AFR) business in
Changzhou Science and Education Town.
As part of the agreement, Corning
received support to establish a headquarters and
build the infrastructure for the business,
including a technology development center and a
manufacturing operation in the Changzhou region.
Concurrently, Corning announced the establishment
of Corning Advanced-Flow Reactor Technology Co., Ltd. to
manage Corning's global AFR business. Corning
expects to complete the reactor manufacturing facility before the
end of this year and have the new headquarters fully
operational by late 2020.
"This is a significant opportunity for us," said
Dr. Yi Jiang, president and general manager, Corning Advanced-Flow
Reactor Technology Co., Ltd. "Establishing our AFR business
headquarters in Changzhou will enable us to operate more
effectively in China, which is the leading global market for flow
reactor application technologies. It will also position us to be
near our customers in the region, give us the ability to focus more
attention on customer value realization, and grow larger
faster."
Corning has had a presence in China for 38 years.
The new entity will strengthen the company's presence in the
region. As a global leader in flow reactor technology, Corning has
successfully promoted AFR innovation in China over the last eight
years by investing in comprehensive marketing, building a technical
demonstration center in Changzhou, collaborating with local
universities, and focusing on the regional development of
talent.
Compared with traditional batch reactors,
Corning's reactors enable at least 100 times enhancement in mixing;
1,000 times improvement in heat transfer performance; and seamless,
efficient scale-up from the lab to full-scale production of
chemicals for the pharmaceutical, specialty, and fine chemical
industries.
"Corning's AFR technology provides inherently
safer chemical process solutions to China's pharmaceutical and
chemical industries, which have been growing quickly over the past
few years," said Li Fang, president and general manager of Corning
Greater China. "China has committed to high-quality development and
inherently safer manufacturing practices in future economic and
regulatory initiatives, and Corning is ready to help deliver on
that commitment."
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 Contact:
Pamela W. Porter
(607) 974-9980
porterpw@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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