CORNING SELLS EQUITY INTEREST IN CORNING JAPAN K.K.
CORNING SELLS EQUITY INTEREST IN CORNING JAPAN K.K. CORNING, N.Y., Jan. 20 /PRNewswire/ -- Corning Incorporated
(NYSE: GLW) today announced the completion of the sale of a less than 10 percent equity interest in its subsidiary, Corning Japan K.K., to Japanese investors. Terms were not disclosed.
"The new capital will be invested in Japan to grow our emerging precision flat-glass substrate business," said Corning Japan President James M. Ramich. "Our objective is to increase the outside investors group to approximately 20 percent in the near future to strengthen Corning Japan's position in the Japanese marketplace." Precision flat-glass substrates are used in active matrix liquid- crystal displays. Such displays use thin-film-transistor or thin-film- diode technology for full-color video capabilities in products such as laptop computers and portable televisions. Corning Japan, the world leader for these glass substrates, is currently expanding its manufacturing capacity at its Operations Center, in the Town Osuka, Shizuoka Prefecture, Japan. Ramich said, "The added manufacturing capacity will position the company to meet the rapidly growing demand of the market." -0- 1/20/92 /CONTACT: Kathryn C. Littleton, 607-974-8206, or (investors) Stephen L. Albertalli, 607-974-8357, both of Corning, or James M. Ramich of Corning Japan K.K., in Tokyo, 81-3-3586-1051/ (GLW) CO: Corning Inc. ST: New York IN: SU: TNM FC-TS -- NY011 -- 1329 01/20/92 09:34 EST
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|Date:||Jan 20, 1992|
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