Corning Incorporated (NYSE: GLW) today hosted an opening ceremony
for its Gen 10.5 liquid crystal display (LCD) glass substrate
manufacturing facility in the city of Wuhan in the Hubei Province,
China. The facility is co-located with a BOE Technology Group Co.,
Ltd. (BOE) plant. With the successful operation of the plant, and
the easing of restrictions in the region, Corning is commemorating
this important step in building its presence in China and
strengthening its relationship with an industry leader.
This high-volume manufacturing facility allows Corning to
deliver Gen 10.5 glass substrates, measuring approximately 3 meters
wide by 3 meters high, directly to BOE for its production of
large-size display panels. Gen 10.5 glass provides the most
economical cuts for 65- and 75-inch TVs, which are expected to
drive display-glass market growth over the next several years. The
market for large-size TVs, defined as 65-inch and larger, is
projected to grow at a double-digit compounded annual growth rate
though 2024.
“Our decade of experience in G10+ glass manufacturing enabled us
to apply the learnings and the technical know-how necessary to ramp
this facility rapidly, even during the most challenging of times.
Today’s celebration is a testament to our deep commitment to
support customer demand while ensuring the safety and health of our
employees,” said Chris Hudson, international division vice
president and general manager, Corning Display Technologies
China.
Corning began shipping production samples from the Wuhan plant
in January of 2020 and achieved finishing line mass production by
mid-2020, despite pandemic-related challenges. The Wuhan
manufacturing facility is Corning’s sixth LCD glass plant on the
Chinese mainland and its second Gen 10.5 facility along with the
company’s Hefei plant in the Anhui Province, which opened in
2018.
John Zhang, senior vice president and general manager, Corning
Display, said, “Our Wuhan plant is the most recent demonstration of
Corning’s commitment to China’s display industry. We appreciate the
support we have received from the Dongxihu District, Wuhan
municipal, and Hubei provincial governments. With our advanced
glass technology and skilled local talent base, we are poised to
make even greater contributions to growth in the region.”
Caution Concerning Forward-Looking
StatementsThe statements contained in this release that
are not historical facts or information and contain words such as
“will,” “believe,” “anticipate,” “expect,” “intend,” “plan,”
“seek,” “see,” “would,” and “target” and similar expressions are
forward-looking statements. These forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and include estimates and
assumptions related to economic, competitive and legislative
developments. Such statements relate to future events that by their
nature address matters that are, to different degrees,
uncertain. These estimates are subject to change and
uncertainty which are, in many instances, beyond our control. There
can be no assurance that future developments will be in accordance
with management’s expectations. Actual results could differ
materially from those expected by us, depending on the outcome of
various factors. We do not undertake to update forward-looking
statements.
Although the Company believes that these forward-looking
statements are based upon reasonable assumptions regarding, among
other things, current estimates and forecasts, general economic
conditions, its knowledge of its business, and key performance
indicators that impact the Company, actual results could differ
materially. The Company does not undertake to update
forward-looking statements. Some of the risks, uncertainties and
other factors that could cause actual results to differ materially
from those expressed in or implied by the forward-looking
statements include, but are not limited to: the duration and
severity of the COVID-19 pandemic, and its ultimate impact across
our businesses on demand, operations and our global supply chains;
the effects of acquisitions, dispositions and other similar
transactions; 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; loss of intellectual property
due to theft, cyber-attack, or disruption to our information
technology infrastructure; 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 ongoing operations and
manufacturing expansions and pay receivables when due; loss of
significant customers; changes in tax laws and regulations; the
impacts of audits by taxing authorities; the potential impact of
legislation, government regulations, and other government action
and investigations; and other risks detailed in Corning’s SEC
filings.
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.
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
(https://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 IncorporatedCorning
(www.corning.com) is one of the world's leading innovators in
materials science, with a 170-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, automotive, and life sciences.
Media Relations
Contact: Brittany
Salgado (607) 974 4015SalgadoBM@corning.com
Cara Xie86-21-2215-2888XieZ3@corning.com
Investor Relations Contact:Ann H.S. Nicholson
(607) 974-6716 NicholsoAS@corning.com
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