Nov 7 2006
Corning Incorporated has announced that its wholly owned subsidiary in the People’s Republic of China hosted a groundbreaking ceremony for a new liquid crystal display (LCD) glass substrate finishing facility.
Corning was the first TFT-LCD glass substrate supplier to announce that it would locate a production facility on the China mainland. The facility, located in the Beijing Economic Technological Development Area, is expected to open in the first half of 2008.
“The plant that will be built on this site will become a dynamic symbol of our commitment to the growing Chinese TFT-LCD industry,” said Wendell P. Weeks, president and chief executive officer, Corning Incorporated. “It’s also a key element in our strategy to grow with our customers, while we support one of this country’s most important industries,” Weeks said during his address to the many officials, customers, media and employees gathered for the celebration.
Other Corning leaders who spoke at the ceremony were Clark S. Kinlin, chief executive officer, Greater China; James P. Clappin, president, Corning Display Technologies; and John P. Bayne, president, Corning Display Technologies China.
“Corning’s investment enhances our position as a leading supplier of the most pristine LCD glass substrates in the world,” said Clappin. “We are committed to the LCD industry in China and to growing with our customers in this important region of the world market.”
Historically, Corning has been first to enter the LCD-producing regions that we serve, beginning with glass finishing and then assessing the need for other operations at a later date, based on market and customer demand.
According to industry analysts and Corning’s own market analysis, requirements for LCD glass grew approximately 60 percent worldwide in 2005. Driving the demand for glass are the facts that an increasing number of CRT screens are being replaced by LCDs, and the penetration level of flat panel displays used for desktop monitors and televisions are also increasing. LCD TVs are continuing to grow in popularity, representing 11 percent of the global TV market in 2005.
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