Press release from Business Wire
Corning and Samsung Corning Precision Materials Renew Agreements
Thursday, February 02, 2012
CORNING, N.Y. (Business Wire) -- Corning Incorporated (NYSE: GLW), Samsung Corning Precision Materials Co., Ltd. (SCP), and the AMLCD division of Samsung Electronics Co., Ltd. (“SEC”) renewed, for five more years, the two main agreements for their businesses.
Corning Incorporated and SCP signed a five-year renewal of Corning's technology license agreement with SCP. This license agreement was effective beginning in January, 2012 and continues the 17-year equity venture's position as a leading supplier of glass substrates to Korea's LCD industry. Samsung Corning Precision Materials is a highly successful equity company formed by Corning and Samsung in 1995.
Also effective in January, SCP and SEC signed a five-year renewal of SCP's long term supply agreement with SEC. Samsung Corning Precision Materials is the majority supplier of the award-winning Corning EAGLE XG® glass to SEC. Samsung Corning Precision Materials also supplies LCD substrates to other display manufacturers in Korea.
“Samsung Corning Precision Materials remains a leading supplier of high-quality glass substrates for some of the largest LCD manufacturers in the industry,” said James P. Clappin, president, Corning Glass Technologies. “This licensing agreement renews Corning's foundational support, providing SCP with our industry-leading technology and glass science for panel makers in Korea. We look forward to helping SCP provide Samsung and other customers in Korea with the advanced LCD glass needed for their next-generation consumer electronics,” Clappin stated.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning's financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.
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Daniel F. Collins, 607-974-4197
James E. Terry, 607-974-7343
Kenneth C. Sofio, 607-974-7705