Over the years, Corning (GLW) has been a steady supplier of precision glass components for iPhone, Apple watches and iPads.
The facility will support BOE, China’s leading panel makerCORNING, 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.” Caution Concerning Forward-Looking StatementsThe statements contained in this release that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” and “target” and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These estimates are subject to change and uncertainty which are, in many instances, beyond our control. There can be no assurance that future developments will be in accordance with management’s expectations. Actual results could differ materially from those expected by us, depending on the outcome of various factors. We do not undertake to update forward-looking statements. 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. Web Disclosure In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (https://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts. About Corning IncorporatedCorning (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. Media Relations Contact: Brittany Salgado (607) 974 4015SalgadoBM@corning.com Cara Xie86-21-2215-2888XieZ3@corning.com Investor Relations Contact:Ann H.S. Nicholson (607) 974-6716 NicholsoAS@corning.com Follow Corning: RSS Feeds | Facebook | Twitter | YouTube
Apple (AAPL) has awarded Corning Incorporated $45 million to help enhance the company’s manufacturing capacity in the US. The funding will also help accelerate research and development efforts in innovative technologies that support long-lasting product life. Corning is already Apple’s supplier for the precision glass used in iPhones, Apple Watches, and iPads. Over the past four years, the company has received close to $450 million from Apple’s $5 billion Advanced Manufacturing Fund. Apple and Corning boast a long-lasting relationship dating from the first iPhone glass to the Ceramic Shield currently used in iPhone 12. The Ceramic Shield is an extra tough glass-ceramic that the two companies' engineers and experts co-developed. “Ceramic Shield is a prime example of the technologies that are possible when deep innovation meets the power of American manufacturing. We’re so proud to work alongside Corning, whose 170-year-old legacy is a testament to the ingenuity of the US workforce,” said Apple’s Chief Operating Officer (CEO) Jeff Williams. According to Corning CEO Wendell P. Weeks, a long-lasting product development partnership is fueling life-changing innovation while also sustaining the communities where Corning works. Apple supports more than 2.7 million jobs across the US. In the recent past, it has announced plans to add 20,000 new jobs while investing more than $430 billion into the economy over the next five years. (See Apple stock analysis on TipRanks). Wedbush analyst Daniel Ives has reiterated a Buy rating on the stock even as Apple faces off with Epic Games in defense of its App Store ecosystem. The lawsuit was served in the aftermath of Apple's removal of the popular Fortnite game from its platform. The analyst expects the iPhone maker to win the lawsuit. “From an investor perspective, the key services business and its $65 billion+ annual revenue stream for FY21 remain what we estimate is a $1.3 trillion valuation alone for this business and key to future monetization efforts with more bundling efforts on the horizon,” Ives stated. Ives has a $185 price target on Apple, implying 45.84% upside potential to current levels. Consensus among analysts on Wall Street is a Moderate Buy based on 18 Buy, 5 Hold, and 1 Sell ratings. The average analyst price target of $159.96 implies 26.10% upside potential to current levels. AAPL scores an 8 out of 10 in TipRanks’ Smart Score rating system, implying it is likely to outperform the overall market. Related News: Dish Network Taps Debt Market To Raise $1.25B For Broadcast Unit Apple Expands Its App Store Ads Sony Invests In Discord, Will Integrate App Into PlayStation Consoles More recent articles from Smarter Analyst: Amazon Expanding In Louisiana With Robotics Fulfillment Center Honeywell Upgrading Infrastructure At Kunsan Air Base, South Korea Goldman Sachs Says These 3 Stocks Could Surge Over 70% From Current Levels WELL Health Posts 150% Revenue Growth In 1Q; Shares Drop 4%