Corning Incorporated (NYSE: GLW) today introduced Corning Velocity®
Vials, specially engineered Type I borosilicate vials externally
coated with the company’s proprietary technology, which are helping
industry-leading drugmakers respond to the pandemic at speed. The
increased efficiency and throughput enabled by Velocity Vials can
drive faster manufacturing of COVID-19 vaccines, helping address
industry supply chain challenges and meet global demand.
Velocity Vials can deliver better economics, better quality, and
a more environmentally sustainable design compared with traditional
borosilicate packaging. Velocity Vials’ protective uniform coating
can improve filling line efficiency by 20% to 50% while lowering
pharmaceutical production costs and providing a streamlined
regulatory process for post-market drugs. Compared with
conventional vials, Velocity Vials can also reduce damage that
leads to particles, breaks, and cracks.
Catalent, Inc. – a global manufacturing partner to leading
drugmakers – supports many of the highest profile COVID-19 vaccine
programs and is on track to deliver more than 1 billion doses in
2021. The company recently implemented Velocity Vials in some of
its fill-finish lines in Bloomington, Indiana.
“Ensuring consistent production, high quality, and less downtime
is essential as we work to keep pharmaceutical supply chains
moving, and to this extent, Corning’s Velocity Vials have already
shown very promising results,” said Denis Johnson, vice president
and general manager of Catalent’s premiere drug product
manufacturing facility in Bloomington. “Corning’s Velocity Vials
demonstrated a significant improvement in efficiency when compared
with traditional borosilicate vials on our fill-finish lines.”
Velocity Vials join Corning Valor® Glass vials and
pharmaceutical glass tubing as the company’s newest innovation as
Corning builds a comprehensive, end-to-end pharmaceutical packaging
portfolio. Corning’s products have enabled the delivery of more
than 3 billion doses of COVID-19 vaccines.
Valor Glass, introduced in 2017, is a revolutionary
aluminosilicate glass vial that continues to support multiple
COVID-19 vaccines, playing a significant role in vaccinating
patients across the globe. Domestically, Corning continues building
on its agreements with the U.S. government to support the
accelerated mass vaccination effort critical to ending the
pandemic. With the invention of Velocity Vials, the company extends
its longstanding leadership role in the life sciences industry and
broadens the reach of Corning’s unique capabilities, significantly
expanding its addressable market while strengthening the supply
chain for the future.
Adding to the strong position in the industry, Corning’s new
high-volume pharmaceutical vial manufacturing facility in Durham,
North Carolina, is now operational. The facility will allow the
company to produce up to 500 million glass vials per year to
improve the domestic supply chain and deliver vital COVID-19
vaccines to the U.S. and abroad.
“Our packaging portfolio and new capacity allow us to expand the
vital role we play in supporting critical health care demand
globally – both today and tomorrow,” said Brendan Mosher, vice
president and general manager, Corning Pharmaceutical Technologies.
“We see a future of pharmaceutical manufacturing that has better
quality, is more efficient, more sustainable, and has increased
capacity for life-saving drugs. Corning now has two leading vial
products – Valor Glass and Velocity Vials – giving our customers
two innovative technologies to choose from for their different use
cases.”
Velocity Vials are the latest example of how Corning is driving
transformation across its markets through its leadership in glass
and ceramic science and optical physics, as well as through its
proprietary manufacturing platforms. For more information about
Velocity Vials, visit here.
Caution Concerning Forward-Looking
Statements
The 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 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 our supply
chain, equipment, facilities, IT systems or operations; effect of
regulatory and legal developments; ability to pace capital spending
to anticipated levels of customer demand; our ability to increase
margins through implementation of operational changes, pricing
actions and cost reduction measures; 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,
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 Incorporated
Corning (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: Gabrielle
Bailey (607)
974-6394 baileygr@corning.com
Brandon Saylor (607) 248-1802saylorbr@corning.com
Investor
Relations Contact:Ann H.S. Nicholson (607) 974-6716
nicholsoas@corning.com
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