Corning Shizuoka Glass Production Disrupted
11 Agosto 2009 - 3:25PM
Business Wire
Corning Incorporated (NYSE:GLW) today announced that production
at its LCD glass manufacturing facility in Shizuoka, Japan was
disrupted by the earthquake that occurred in Honshu yesterday.
“We are relieved that initial reports indicate no Corning
employees were injured,” James B. Flaws, vice chairman and chief
financial officer, said. “However, our glass-making operations at
the facility are currently suspended and we believe they will
remain so for some time. We are assessing options to meet customer
demand and accelerating the restart of idled glass melting tanks at
other facilities. It is clear that glass volume at our wholly owned
business will be lower than originally planned for the third
quarter. At the present time it does not appear that this outage
will have a material impact on our fourth-quarter shipments based
on our current view of the market. We will update investors on any
significant changes to this outlook.”
“Our adjusted estimate now places sequential volume at our
wholly owned business to be down between 5% and 10% in the third
quarter, versus our original expectation of flat to up slightly,
following a particularly strong second-quarter performance,” Flaws
added.
Corning did not provide specific sales guidance for the third
quarter, but the company did note that the lower glass volume would
have a negative impact on sales by approximately $65 million.
Corning’s other LCD glass manufacturing operations, including
those at Samsung Corning Precision Glass Co. Ltd., and its Sakai
City plant were not affected by the earthquake.
“While it is easy to get discouraged by events that are out of
our control, we are equally encouraged by our July results, which
came in stronger than we anticipated. We saw continued growth in
our other businesses, including our equity company Dow Corning
Corporation, which further strengthened our belief that the impact
of the global recession may be moderating,” Flaws concluded.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning’s financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes
in the mix of sales between premium and non-premium
products; new plant start-up or restructuring costs;
possible disruption in commercial activities due to terrorist
activity, armed conflict, political instability or major health
concerns; adequacy of insurance; equity company activities;
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; stock
price fluctuations; and adverse litigation or regulatory
developments. These and other risk factors
are detailed 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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 150 years of
materials science and process engineering knowledge, Corning
creates and makes keystone components that enable high-technology
systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass
substrates for LCD televisions, computer monitors and laptops;
ceramic substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery;
and other advanced optics and specialty glass solutions for a
number of industries including semiconductor, aerospace, defense,
astronomy and metrology.
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