China Market Presents Large Opportunity for Corning
04 Febbraio 2011 - 2:15PM
Business Wire
The greater China market represents a $2 billion opportunity for
Corning Incorporated (NYSE: GLW) Eric Musser, chief executive
officer of Corning Greater China region, will tell participants
today at the company’s annual investor meeting in New York.
Within the past year Corning announced about $1 billion in new
investments in China, including a plan to build the company’s first
LCD glass melting facility and expand its light-duty substrate
manufacturing operation. “Our total China sales exceeded $800
million last year. We are forecasting sales of at least $1.2
billion this year, and we could reach $2 billion in revenue by
2014,” Musser said.
China’s market trends are creating growth opportunities across
Corning’s diverse businesses, he will point out. “We believe that
China’s LCD TV end market represents more than 20% of the worldwide
total. Consequently, LCD panel manufacturers have been investing in
China-based production for the past several years. Corning is
making significant investments in its LCD glass manufacturing
capabilities to meet this increasing market demand.
“China became the largest consumer market for automobiles in
2009,” he will add. “Stricter emissions regulations now being
implemented in China are driving increased demand for Corning’s
clean-air products, and we have expanded in-country capacity to
meet this growing market opportunity.”
China has been Corning’s largest market for optical fiber in
recent years. Musser will explain that Corning expects China to
continue making significant investments in building out the
nation’s wireless, FTTH, and enterprise networks for several
additional years. “We anticipate China’s fiber-to-the-home
subscriber base could grow at a compound annual rate of more than
150% and optical solutions in the data center space may continue at
a 20% compound growth rate, both through 2014,” he will say.
China investments in the pharmaceutical industry are creating
opportunities for Corning’s laboratory products as well. Corning
recently announced plans to establish a new life sciences
manufacturing and distribution facility in China and to expand its
consumable labware product offerings.
Additionally, the company is also engaged in discussions with a
number of Chinese customers interested in Corning’s thin-film
photovoltaic glass for solar-energy applications.
“Corning has invested in China for more than 25 years. We have
established leadership positions in each of our major businesses.
With increased investments and technology innovation across each
business, we should be able to continue growing in China and
meeting the needs of the world’s largest consumer market,” Musser
will conclude.
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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