![](https://hugin.info/155653/I/2191297/128143.jpg)
The new Hefei facility will supply BOE, China's leading
panel maker
SHANGHAI, May 9, 2018 -
Corning Incorporated (NYSE: GLW) today hosted a launch
ceremony for its new Gen 10.5 liquid crystal display (LCD) glass
substrate manufacturing facility co-located with the BOE Technology
Group Co. Ltd. (BOE) plant in the Hefei Xinzhan Hi-Tech Industrial
Development Zone in the Anhui Province, China.
This new facility will enable Corning to become
the first manufacturer of TFT- grade Gen 10.5 substrates in the
world. The largest LCD commercially available glass substrates are
2,940 mm by 3,370 mm, providing the most economical cuts for
65-inch and 75-inch TVs. The Gen 10.5 substrates manufactured at
the Hefei facility use Corning® EAGLE XG® Slim glass.
Corning began shipping BOE production samples from
the plant in late 2017. The market for large-size TVs, defined as
TVs 60" and larger, is projected to grow at a compound annual
growth rate of more than 20 percent for the next several years. The
Hefei facility is Corning's third LCD glass plant on the Chinese
mainland. The company also operates Gen 8.5 LCD glass plants in
Beijing and Chongqing.
"The Hefei Gen 10.5 LCD glass facility is the next
milestone in the display business, enabling us to make the world's
largest glass substrate to support the growing global demand for
large size TVs," said James P. Clappin, president of Corning Glass
Technologies, at the launch ceremony. "As the industry's innovation
and market leader with the most experience in large Gen substrate
production, we're proud to support the development of China's LCD
industry."
"We're delighted to bring the world's
best-in-class Gen 10.5 substrate technology to China in support of
the continued growth of the LCD industry and in support of BOE, our
valued strategic customer," commented John Zhang, general manager
of Corning Display Technologies at the event. "This plant allows us
to deliver on our long-term commitment to BOE and participate in
the fastest-growing LCD market in the world while maintaining our
overall LCD glass supply demand balance."
In December 2015, with the support of the Hefei
municipal government and other local officials, Corning announced
its plans to invest in a new LCD glass facility in the Hefei
Xinzhan Hi-Tech Industrial Development Zone in the Anhui
Province, China.
Commenting on today's announcement, Li Fang,
president and general manager of Corning Greater China, said, "A
combination of critical factors made Hefei the ideal location for
this Gen 10.5 plant. The strong government backing, and a skilled
local talent base, were supplemented by the area's excellent
infrastructure. We appreciate the support we have received from the
Hefei municipal government and the industrial development
leadership from Anhui provincial officials."
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 business, financial, economic and
political conditions; tariffs and import duties; currency
fluctuations between the U.S. dollar and other currencies,
primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan,
and South Korean won; product demand and industry capacity;
competitive products and pricing; availability and costs of
critical components and materials; new product development and
commercialization; order activity and demand from major customers;
the amount and timing of our cash flows and earnings and other
conditions, which may affect our ability to pay our quarterly
dividend at the planned level or to repurchase shares at planned
levels; possible disruption in commercial activities due to
terrorist activity, cyber-attack, armed conflict, political or
financial instability, natural disasters, or major health concerns;
unanticipated disruption to equipment, facilities, IT systems or
operations; effect of regulatory and legal developments; ability to
pace capital spending to anticipated levels of customer demand;
rate of technology change; ability to enforce patents and protect
intellectual property and trade secrets; adverse litigation;
product and components performance issues; retention of key
personnel; customer ability, most notably in the Display
Technologies segment, to maintain profitable operations and obtain
financing to fund their ongoing operations and manufacturing
expansions and pay their receivables when due; loss of significant
customers; changes in tax laws and regulations including the Tax
Cuts and Jobs Act of 2017; and the potential impact of legislation,
government regulations, and other government action and
investigations.
For a complete listing of risks and other factors,
please reference the risk factors and forward-looking statements
described in our annual reports on Form 10-K and quarterly reports
on Form 10-Q. 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.
Web Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it uses its
website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors, or
supplemental to information contained in this or other press
releases. The list of websites and social media channels that the
company uses may be updated on Corning's media and website from
time to time. Corning encourages investors, media, and other
interested parties to review the information Corning may publish
through its website and social media channels as described above,
in addition to the company's SEC filings, press releases,
conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science, with a more than 165-year track record of
life-changing inventions. Corning applies its unparalleled
expertise in glass science, ceramic science, and optical physics
along with its deep manufacturing and engineering capabilities to
develop category-defining products that transform industries and
enhance people's lives. Corning succeeds through sustained
investment in RD&E, a unique combination of material and
process innovation, and deep, trust-based relationships with
customers who are global leaders in their industries.
Corning's capabilities are versatile and synergistic, which allows
the company to evolve to meet changing market needs, while also
helping our customers capture new opportunities in dynamic
industries. Today, Corning's markets include optical
communications, mobile consumer electronics, display technology,
automotive, and life sciences vessels. Corning's industry-leading
products include damage-resistant cover glass for mobile devices;
precision glass for advanced displays; optical fiber, wireless
technologies, and connectivity solutions for state-of-the-art
communications networks; trusted products to accelerate drug
discovery and delivery; and clean-air technologies for cars and
trucks.
Media Relations
Contacts:
Cara Xie
86-21-2215-2888
XieZ3@corning.com
M. Elizabeth Dann
(607) 974-4989
dannme@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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