Corning in US$1b China push
By Zhu Shenshen |
July 23, 2010, Friday
|
Print Edition
Print Edition
CORNING Inc is to invest almost US$1 billion in China in the TV, automotive and life science markets.
The United States-based company will invest about US$800 million to build a new LCD glass substrate factory in Beijing for the booming domestic LCD market, which is set to surpass the US to become the world's No. 1 by 2012.
Glass is a key component used in consumer electronic devices from LCD (liquid crystal display) TV, laptop to mobile phones.
The manufacturing plant will have the latest glass-melting and finishing capabilities, in line with the Chinese mainland's most advanced LCD panel plants. Corning plans to break ground in September and start production in the first half of 2012.
Meanwhile, the company will expand the Corning Shanghai Co automotive substrate facility with an investment of about US$125 million and build a new manufacturing and distribution facility for Corning Life Sciences in the Yangtze River Delta with a investment of about US$40 million.
"China is not only one of the world's leading consumers of LCD televisions, it is also poised to become a major producer of LCD panels for TV applications within the next several years. We are excited to be a part of this emerging market," said James Clappin, Corning Display Technologies' Asia president.
Driven by rapid urbanization and 10 percent GDP growth rates, China's flat panel TV sales will hit 59 million units in 2014 from 31 million last year. The domestic market will become the world's No. 1 by 2012, according to DisplaySearch, a US-based research firm.
Corning also expected the global LCD glass demand would be at the higher end of its forecast of 2.9 billion to 3.1 billion square feet this year.
Corning's expanded automotive substrate manufacturing facilit2y in Shanghai will be operational in the second half of 2012.
As a sponsor of the USA Pavilion, Corning also displayed future technologies for "intelligent house, healthy community and low carbon cities" during the World Expo.
The United States-based company will invest about US$800 million to build a new LCD glass substrate factory in Beijing for the booming domestic LCD market, which is set to surpass the US to become the world's No. 1 by 2012.
Glass is a key component used in consumer electronic devices from LCD (liquid crystal display) TV, laptop to mobile phones.
The manufacturing plant will have the latest glass-melting and finishing capabilities, in line with the Chinese mainland's most advanced LCD panel plants. Corning plans to break ground in September and start production in the first half of 2012.
Meanwhile, the company will expand the Corning Shanghai Co automotive substrate facility with an investment of about US$125 million and build a new manufacturing and distribution facility for Corning Life Sciences in the Yangtze River Delta with a investment of about US$40 million.
"China is not only one of the world's leading consumers of LCD televisions, it is also poised to become a major producer of LCD panels for TV applications within the next several years. We are excited to be a part of this emerging market," said James Clappin, Corning Display Technologies' Asia president.
Driven by rapid urbanization and 10 percent GDP growth rates, China's flat panel TV sales will hit 59 million units in 2014 from 31 million last year. The domestic market will become the world's No. 1 by 2012, according to DisplaySearch, a US-based research firm.
Corning also expected the global LCD glass demand would be at the higher end of its forecast of 2.9 billion to 3.1 billion square feet this year.
Corning's expanded automotive substrate manufacturing facilit2y in Shanghai will be operational in the second half of 2012.
As a sponsor of the USA Pavilion, Corning also displayed future technologies for "intelligent house, healthy community and low carbon cities" during the World Expo.
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