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Corning Singapore Holdings Private Ltd., a wholly owned subsidiary of Corning Inc., and Samsung Display Co., Ltd. have signed a Memorandum of Understanding with the government of Wuxi New District, China, intending to establish a new equity venture for the manufacture of TFT-LCD glass substrates in China. Pending a final signed agreement between Corning and Samsung Display, the new equity venture is expected to be formed later this year, subject to receipt of regulatory approvals.
This newest venture is expected to be an extension of a decades-long alliance between Samsung and Corning, and will leverage Corning’s LCD glass substrate technology and Samsung Display’s LCD display expertise. The new entity will supply LCD glass substrates to Samsung Suzhou LCD Co. Ltd. in China.
Corning and Samsung Display will authorize the new company to spend up to $600 million to construct a new LCD glass substrate facility in the People’s Republic of China. The new company will make the investment in phases over the next few years as stages of the facility are constructed and brought online. With the support of the Wuxi municipal government, the new entity will be located in Wuxi New District, Wuxi City, Jiangsu Province, China. The manufacturing plant will have Gen 8 (2,200 x 2,500 mm) glass-melting and finishing capability. Construction of the facility will start by the end of 2012, with production expected to begin at the end of 2013, in time to meet demand for the start-up of Samsung Suzhou LCD.