Several innovations from Corning Incorporated’s (NYSE: GLW) new business portfolio have the opportunity for growth and could become significant revenue generators for the company, Wendell P. Weeks, chairman, chief executive officer and president, will tell investors today at the company’s annual investor meeting beginning at 9 a.m. in New York.
Weeks will open the meeting by acknowledging the challenges the company is facing in 2012: lower LCD glass prices; higher corporate tax rates; and declining equity earnings, which have combined to lower Corning’s profitability. However, he will remind investors that “despite these challenges, Corning plans to grow profits along our way to achieving our goal of $10 billion in sales.” Last week, the company announced record 2011 sales of $7.9 billion.
Vision of the future
Weeks will recall for investors that a year ago the company shared a vision of the future through a video, “ A Day Made of Glass.” The video portrayed “a mobile world, a visual world, a world of intuitive interfaces, a world requiring massive bandwidth, and a world of life-enhancing technologies,” Weeks will say. “We are excited about this world, because it’s a world that depends on highly engineered specialty glass and fiber optic technology.”Weeks also will unveil Corning’s newest video, “A Day Made of Glass 2,” which demonstrates even more ways that Corning’s specialty glass is helping enable a world of communication and connection. Both videos will be available for viewing at www.corning.com later today. Innovative opportunities To illustrate how Corning’s latest innovations are helping to bring this vision of the future to life, Weeks will demonstrate Corning ® Gorilla ® Glass 2 in a live product-durability test, noting that the company has further improved the product attributes by reducing the glass thickness by 20% while maintaining its industry-leading damage resistance. Additionally, Weeks will discuss several ways the company is providing glass innovations to enable high-performance displays. He will demonstrate Corning’s Lotus™ Glass and show work that the company is doing on ultra-slim flexible glass. Corning’s patented fusion glass manufacturing process should allow the company to produce slim, flexible glass that is five times thinner than standard display glass. It also has the potential to revolutionize the way displays are manufactured by allowing device makers to move from batch manufacturing to a continuous roll-to-roll process. “Ultra-slim glass creates the opportunity to manufacture devices using the same techniques as plastic films, while providing all the advantages of glass in terms of transparency, encapsulation, and high-temperature tolerance,” Weeks will explain. “This unlocks the opportunity for some very exciting displays.”