Corning Celebrates Grand Opening of Gen 10.5 LCD Glass Plant in Wuhan, China

The facility will support BOE, China’s leading panel maker

Corning, New York, UNITED STATES


CORNING, N.Y., May 12, 2021 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE: GLW) today hosted an opening ceremony for its Gen 10.5 liquid crystal display (LCD) glass substrate manufacturing facility in the city of Wuhan in the Hubei Province, China. The facility is co-located with a BOE Technology Group Co., Ltd. (BOE) plant. With the successful operation of the plant, and the easing of restrictions in the region, Corning is commemorating this important step in building its presence in China and strengthening its relationship with an industry leader.

This high-volume manufacturing facility allows Corning to deliver Gen 10.5 glass substrates, measuring approximately 3 meters wide by 3 meters high, directly to BOE for its production of large-size display panels. Gen 10.5 glass provides the most economical cuts for 65- and 75-inch TVs, which are expected to drive display-glass market growth over the next several years. The market for large-size TVs, defined as 65-inch and larger, is projected to grow at a double-digit compounded annual growth rate though 2024.

“Our decade of experience in G10+ glass manufacturing enabled us to apply the learnings and the technical know-how necessary to ramp this facility rapidly, even during the most challenging of times. Today’s celebration is a testament to our deep commitment to support customer demand while ensuring the safety and health of our employees,” said Chris Hudson, international division vice president and general manager, Corning Display Technologies China.

Corning began shipping production samples from the Wuhan plant in January of 2020 and achieved finishing line mass production by mid-2020, despite pandemic-related challenges. The Wuhan manufacturing facility is Corning’s sixth LCD glass plant on the Chinese mainland and its second Gen 10.5 facility along with the company’s Hefei plant in the Anhui Province, which opened in 2018.

John Zhang, senior vice president and general manager, Corning Display, said, “Our Wuhan plant is the most recent demonstration of Corning’s commitment to China’s display industry. We appreciate the support we have received from the Dongxihu District, Wuhan municipal, and Hubei provincial governments. With our advanced glass technology and skilled local talent base, we are poised to make even greater contributions to growth in the region.”

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Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business, and key performance indicators that impact the Company, actual results could differ materially. The Company does 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 duration and severity of the COVID-19 pandemic, and its ultimate impact across our businesses on demand, operations and our global supply chains; 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, 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; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; 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 ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws and regulations; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings.

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.

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About Corning Incorporated
Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 170-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, automotive, and life sciences.

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