Company is First to Announce LCD Glass Substrate Facility on Chinese Mainland
Corning Incorporated (NYSE:GLW) announced today that its board of directors has approved funding for the establishment of a new liquid crystal display (LCD) glass substrate finishing facility, to be located in the People’s Republic of China. Several possible locations for the facility are being considered and site selection will be announced once the decision process has been completed. The amount of funding for the project was not disclosed.
With this news, Corning will be the first TFT-LCD glass substrate supplier to announce a production facility on the Chinese mainland.
Commenting on today’s announcement Corning’s president of Display Technologies in China, Nitin S. Kulkarni stated, “Corning is fully committed to the LCD industry in China and to growing with our customers in this important region of the world market. The Chinese Government has included the TFT-LCD industry in its 11th 5-year plan and it has continued to grow steadily. This investment will enhance our industry-leading position as a supplier of the most pristine LCD glass substrates in the world.”
Clark S. Kinlin, Corning’s chief executive officer, Greater China continued by saying, “Corning sees continued opportunities in China’s future. The country’s emerging market trends align well with Corning’s own growth opportunities as a market leader in Telecommunications, Display Technologies, Environmental Technologies and Life Sciences.”
According to industry analysts and Corning’s own market analysis the volume of the LCD glass market grew approximately 60 percent worldwide in 2005.
Driving the demand for glass are the facts that an increasing number of CRT screens are being replaced by LCDs, and the penetration level of flat panel displays used for desktop monitors and televisions is also increasing. LCD TVs are continuing to grow in popularity, representing 11 percent of the global TV market in 2005.
About Corning Incorporated
Corning Incorporated (http://www.corning.com) is a diversified technology company that concentrates its efforts on high-impact growth opportunities. Corning combines its expertise in specialty glass, ceramic materials, polymers and the manipulation of the properties of light, with strong process and manufacturing capabilities to develop, engineer and commercialize significant innovative products for the telecommunications, flat panel display, environmental, semiconductor, and life sciences industries.