DOW JONES NEWSWIRES
Corning Inc. (GLW) said it will invest about $800 million to
build a liquid-crystal-display production facility in Beijing and
expand its capacity, pointing to strong market demand.
The LCD glass and fiber-optic equipment maker said continued
higher-than-expected retail demand for LCD televisions, laptops and
other computers has resulted in an improved outlook for the
products for the rest of the year, adding its annual LCD glass
demand this year could be at the higher end of its forecast of 2.9
billion to 3.1 billion square feet.
As such, Corning boosted its view for capital expenditures for
the year to about $1.2 billion from $1 billion.
The company expects to break ground on the Beijing facility in
September and begin production in the first half of 2012. The
investments will also be used for projects for other glass
products.
Shares dropped 0.2% to $16.76 in after-hours trading and are
down 13% so far this year.
-By Lauren Pollock, Dow Jones Newswires; 212-416-2356;
lauren.pollock@dowjones.com