Asahi Glass Co., Corning Incorporated, and Samsung Group Announce Joint Agreement to Manufacture Television Glass.CORNING, N.Y.--(BUSINESS WIRE)--Dec. 2, 1996--Asahi Glass Company Ltd. of Japan, Corning Incorporated Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works. and the Samsung Group The Samsung Group is South Korea's largest conglomerate (chaebol), composed of numerous businesses, including Samsung Electronics, the world's largest electronics company[1] of South Korea today jointly announced an agreement in principle to establish a television glass manufacturing facility in Mexico. The plant will provide glass funnels and panels for color television tubes. As a result of the NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's agreement, that became effective in January 1994, and increasing market demand in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , the companies said they would move as quickly as possible to establish a glass finishing facility in order to meet the needs of existing customers. All three companies expect to benefit from the technology and know-how each brings to the manufacture of television glass. Ultimately, the investment in the new facility could exceed US $300 million. Corning Incorporated and Asahi Glass have been operating a glass funnel and panel manufacturing facility in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. through Corning Asahi Video Products Company. Samsung-Corning Company Ltd., which manufactures glass television funnels and panels in South Korea, Germany and Malaysia is the third largest glass manufacturer in the world and is an equity venture between the Samsung Group and Corning Incorporated. Corning has been in the television glass business since 1947, when it invented a glass composition and process that made possible the mass production of black and white television glass. Similarly, the company did the same for color-TV glass in the 1960s. Established in 1851, Corning Incorporated creates leading-edge technologies for the fastest growing segments of the world's economy. Corning manufactures optical fiber, cable and components, high-performance glass and components for televisions, and other electronic displays for communications and communications-related industries; advanced materials for the scientific, life sciences and environmental markets; and consumer products. Corning's total revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in 1995 were $3.3 billion. CONTACT: Corning Investor Relations Investor relations The process by which the corporation communicates with its investors. : Richard Klein, (607) 974-8313 Katherine Dietz (607) 974-8217 or Kathryn C. Littleton, (607) 974-8206 Paul Rogoski, (607) 974-8832 |
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