Corning Breaks Ground on LCD Glass Finishing Facility in China.Company Was First to Announce It Would Locate a Substrate Facility on the China Mainland CORNING, N.Y. -- 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. (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ) announced today that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China hosted a groundbreaking ceremony for a new liquid crystal display liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. (LCD) glass substrate finishing facility. Corning was the first TFT-LCD TFT-LCD Thin Film Transistor - Liquid Crystal Display glass substrate supplier to announce that it would locate a production facility on the China mainland. The facility, located in the Beijing Economic Technological Development Area, is expected to open in the first half of 2008. "The plant that will be built on this site will become a dynamic symbol of our commitment to the growing Chinese TFT-LCD industry," said Wendell P. Weeks, president and chief executive officer, Corning Incorporated. "It's also a key element in our strategy to grow with our customers, while we support one of this country's most important industries," Weeks said during his address to the many officials, customers, media and employees gathered for the celebration. Other Corning leaders who spoke at the ceremony were Clark S. Kinlin, chief executive officer, Greater China; James P. Clappin, president, Corning Display Technologies; and John P. Bayne, president, Corning Display Technologies China. "Corning's investment enhances our position as a leading supplier of the most pristine LCD glass substrates in the world," said Clappin. "We are committed to the LCD industry in China and to growing with our customers in this important region of the world market." Historically, Corning has been first to enter the LCD-producing regions that we serve, beginning with glass finishing and then assessing the need for other operations at a later date, based on market and customer demand. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. industry analysts and Corning's own market analysis, requirements for LCD glass 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 A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time used for desktop monitors and televisions are 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 (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. Forward-Looking and Cautionary Statements This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes or fluctuations in global economic and political conditions; tariffs, import duties and currency fluctuations; product demand and industry capacity; competitive products and pricing; manufacturing efficiencies; cost reductions; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by larger customers in the liquid crystal display industry and other businesses; changes in the mix of sales between premium and non-premium products; facility expansions and new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; ability to obtain financing and capital on commercially reasonable terms; adequacy and availability of insurance; capital resource and cash flow activities; capital spending; equity company activities; interest costs; acquisition and divestiture activities; the level of excess or obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. ; the rate of technology change; the ability to enforce patents; product and components performance issues; changes in key personnel; stock price fluctuations; and adverse litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. or regulatory developments. These and other risk factors are identified in Corning's filings with the Securities and Exchange Commission. 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. |
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