GLW Corning Inc

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 (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 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; 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 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.