Corning, a provider of specialty glass and ceramics, announced that its Singapore subsidiary and Samsung Display have entered into a Memorandum of Understanding (MoU) with the government of Wuxi New District to create a new venture for the production of TFT-LCD glass substrates in China. The new company will be located in Wuxi New District, Jiangsu Province, China.
This venture will be an extension of a long-term business relationship between Corning and Samsung. In addition, it will leverage LCD display expertise of Samsung Display and LCD glass substrate technology of Corning. The newly established company will deliver LCD glass substrates to China-based Samsung Suzhou LCD. The company will be authorized to spend about US$600 million for the construction of a new LCD glass substrate manufacturing plant in China. The plant will include Gen 8 glass-melting and finishing capacity. Construction work will commence by the end of 2012 and production is anticipated to start at the end of 2013.
Samsung Corning Precision Materials, a joint venture of Corning and Samsung, will halt the operation of some of its LCD glass facility in Korea.
James P. Clappin, President of Corning Glass Technologies, stated that by transferring a part of SCP’s operation in Korea to the new Chinese facility will enable Corning to offer excellent local supply with support from Samsung’s panel-making operations in the region.
Donggun Park, EVP of Samsung Display, added that their latest venture with Corning will allow them to succeed in capturing a major portion of the LCD glass market through their new Chinese entity, Samsung Suzhou LCD.
Source: http://www.corning.com/