Corning Incorporated (NYSE: GLW) today hosted an opening ceremony for its new Automotive Glass Solutions facility in the Hefei Xinzhan Hi-Tech Industrial Development Zone in Anhui province, China.
This high-volume manufacturing facility will enable Corning to deliver AutoGrade? Gorilla Glass parts for Automotive Interiors directly to automakers around the world as they incorporate more displays and more technical glass into their vehicle designs. Introduced earlier this year, AutoGrade? cover glass parts widen the window to reliably and economically enable next-generation automotive designs, led by consumer demand for more in-vehicle connectivity and immersive driving environments. This milestone builds on the company’s decades-long leadership in the display, mobile consumer electronics, and automotive markets.
“Our AutoGrade cover-glass solutions help auto designers achieve their vision for next-generation car interiors with more glass, more form, and more function. Carmakers worldwide are designing our technical glass solutions into their vehicles,” said Michael Kunigonis, vice president and general manager, Corning Automotive Glass Solutions. “We’re ramping capacity to service a growing pipeline of project awards worth hundreds of millions of dollars. We’re excited to extend our capability to this growing market with our new facility.”
With designs evolving to incorporate larger, curved, and higher-resolution automotive displays, there is an increased demand for technical glass developed to withstand rigorous automotive industry standards while delivering smartphone sophistication. This new facility supports the company in its goal to double sales to the automotive market, as outlined in Corning’s newly announced Strategy and Growth Framework.
“This new facility in Hefei will be vital to our goals of meeting automotive interior trend demands and doubling market sales by 2023,” said Kunigonis. “We will begin fulfilling customer orders from our high-volume facility in Q3 2019, offering the best product performance with the best service and best economics.”
In July 2018, with the support of the Hefei government, Corning Automotive Glass Solutions announced plans to invest in a new manufacturing facility marking the company’s third in Hefei within the past four years. Corning Environmental Technologies recently announced the opening of a new emissions control facility focused on its gasoline particulate filter product line, and Corning Display Technologies opened the world’s first Gen 10.5 LCD glass substrate facility to supply BOE, China’s leading panel maker, last year.
“Today’s event for Corning Automotive Glass Solutions reaffirm our commitment to the China auto market,” said Li Fang, president and general manager, Corning Greater China. “We appreciate the support we’ve received from the Hefei municipal government and the industrial development leadership from Anhui provincial officials and look forward to more milestones to come.”
Caution Concerning Forward-Looking Statements
The statements contained in this release that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” and “target” and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain.?These estimates are subject to change and uncertainty which are, in many instances, beyond our control. There can be no assurance that future developments will be in accordance with management’s expectations. Actual results could differ materially from those expected by us, depending on the outcome of various factors. We do not undertake to update forward-looking statements.?
Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: the effects of acquisitions, dispositions and other similar transactions, 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, 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; the impacts of audits by taxing authorities; 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.
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.wenzhi43.site/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.wenzhi43.site) 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.