GLW Corning Inc

Corning Incorporated (NYSE:GLW) announced today that its wholly owned subsidiary in the People�s Republic of China hosted a groundbreaking ceremony for a new liquid crystal display (LCD) glass substrate finishing facility. Corning was the first TFT-LCD 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 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 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 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. Corning Incorporated (NYSE:GLW) announced today that its wholly owned subsidiary in the People's Republic of China hosted a groundbreaking ceremony for a new liquid crystal display (LCD) glass substrate finishing facility. Corning was the first TFT-LCD 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 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 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 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.