Corning Plans LCD Plant in China

The glassmaker says it will be the first to build there.
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Corning

(GLW) - Get Report

set plans to build a new liquid crystal display glass substrate finishing plant in China.

The Corning, N.Y., glassmaker didn't say how much it will spend or where the plant will be. The company said several possible locations are being considered and site selection will be announced once the decision process has been completed.

Corning, which has staked its strong rebound in recent years to the growing market for flat-panel display screens for televisions and computers, said it will become the first TFT-LCD glass substrate supplier to build a plant on the Chinese mainland.

"Corning is fully committed to the LCD industry in China and to growing with our customers in this important region of the world market," said Corning's Nitin S. Kulkarni. "The Chinese Government has included the TFT-LCD industry in its 11th five-year plan and it has continued to grow steadily. This investment will enhance our industry-leading position as a supplier of the most pristine LCD glass substrates in the world."

Corning said the worldwide LCD glass market grew 60% by volume last year.

Late Wednesday, Corning shares fell a nickel to $25.