Corning Inc.’s board of directors has approved a capital expenditure plan to expand the company’s LCD glass and Gorilla® glass manufacturing in response to strong market demand.
The company will invest approximately $800 million to construct a new LCD glass substrate facility in the People’s Republic of China. With the support of the Beijing municipal government, Corning will locate the new facility in the Beijing Digital TV Industry Park within the Beijing Economic Technological Development Area. The manufacturing plant will have up to Generation 8.5 glass melting and finishing capabilities. Groundbreaking is planned for September of this year, with production slated to begin in the first half of 2012.
Corning’s investments will also include construction projects in other regions to expand capacity for two other products: EAGLE XG® LCD glass substrates and Gorilla glass. The company has restarted an expansion project at its Taichung (Taiwan) LCD glass facility and is ramping up idled capacity at its facility in Shizuoka, Japan, to produce Gorilla glass for various applications. The company now intends to expand further in Taichung under the new capital expenditure plan, with additional capacity projected to come online in the first half of 2012.
“These investments will position Corning to capture significant new sales opportunities from rapidly increasing demand for our Gorilla glass, while continuing to meet the demand for our EAGLE XG products,” said Wendell P. Weeks, chairman and CEO.
For more information, visit www.corning.com