Corning Invests in U.S. Manufacturing
03 Agosto 2010 - 2:30PM
Business Wire
Corning Incorporated (NYSE:GLW) today announced that its board
of directors recently approved a capital expenditure of
approximately $180 million to expand the company’s Harrodsburg,
Ky., manufacturing facility. The expansion will provide additional
capacity for Corning’s surging Gorilla® glass business and entry
into the growing thin-film photovoltaic glass market.
“Growing demand for Gorilla glass is quickly consuming our
available capacity,” James P. Clappin, president, Corning’s
Precision Glass businesses, said. “We are on track to reach sales
in excess of $250 million this year and sales could approach the $1
billion mark in 2011. We are making Gorilla glass manufacturing and
technology investments today to meet the growing market need of the
future,” he said.
Gorilla glass is currently used or designed into more than 200
mobile devices and is planned for about 100 others. Gorilla glass
is an ideal cover glass for smart phones, which today represent
almost 60 percent of the global mobile phone market. “Gorilla glass
is also an appealing solution for the emerging slate computing
environment. It is highly damage-resistant and scratch-resistant.
The optical quality and elegance of Gorilla glass also makes it a
superb cover glass for the thin, edge-to-edge design of LCD
televisions,” Clappin said.
Glass for thin-film photovoltaics
Corning also will build capacity in its Harrodsburg facility to
begin producing specialty glass for thin-film photovoltaics. The
company will use its proprietary fusion manufacturing process to
produce the thin-film photovoltaic glass. Corning’s new specialty
thin glass can greatly improve the solar module’s energy conversion
efficiency and reduce weight while maintaining product strength and
long-term reliability.
“Thin-film photovoltaic technology is a rapidly advancing
solution within the fast-growing solar energy industry and plays to
Corning’s strengths in flat glass, materials science, and light
management,” said Dr. Gary Calabrese, vice-president, science and
technology and director, Photovoltaic Glass Technologies. “We have
already generated significant customer interest in our innovative
solutions,” he said.
Corning’s Harrodsburg facility is currently undergoing its third
major product transformation since opening in 1952. The facility
originally manufactured various ophthalmic products, including
photochromic glass. In the mid-1980s, the plant became the focus of
its nascent LCD glass business, continuing to produce
small-generation substrates until recently shifting into Gorilla
and photovoltaic glass production. The facility has also excelled
in its role as Corning’s glass-melting technology center, where
engineers work closely with scientists at the company’s Sullivan
Park Research and Technology Center to develop advanced
fusion-formed glass for display, photovoltaic and other emerging
applications.
The Harrodsburg investments are included in Corning’s previously
announced capital expenditure expectations for 2010 and 2011.
“Corning is a longstanding, vibrant corporate citizen of
Kentucky and we are extremely pleased to partner with them on this
more than $186 million investment,” said Kentucky Gov. Steve
Beshear. “As a result of this significant expansion, 80 new jobs
will be created, production capacity will be increased and the
Harrodsburg plant will gain valuable R&D capabilities. This is
a win-win development for everyone.”
Assistance for this expansion project has been offered by the
state of Kentucky and Gov. Beshear’s office through the Kentucky
Economic Development Finance Authority in up to $4.5 million in
Kentucky Business Investment incentives, and up to $1 million in
tax rebates related to construction costs.
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 or financial instability, natural
disasters, adverse weather conditions, 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; retention of key
personnel; 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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