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Corning Incorporated : Accelerates Flow Reactor Commercialization

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03/22/2019 | 08:13am EDT

(GlobeNewswire) - Corning Advanced-Flow Reactor Technology Co., Ltd.to be headquartered in Changzhou

CORNING, N.Y.;MARCH 21, 2019. -- Corning Incorporated (NYSE: GLW) announced today that its subsidiary, Corning Singapore Holdings Private Limited,signed aninvestmentagreement with the Changzhou government in China toestablisha newheadquarters for Corning`s

Advanced-Flow(TM)Reactors(AFR)businessin ChangzhouScienceandEducation Town.

As part of the agreement, Corning receivedsupport to establish a headquarters and buildtheinfrastructure for the business, includingatechnology developmentcenter and a manufacturing operation in the Changzhou region.

Concurrently, Corning announced the establishment of Corning Advanced-Flow Reactor Technology Co., Ltd. to manageCorning`s globalAFRbusiness.Corning expects to complete the reactor manufacturing facility before the end of this year and havethe new headquarters fully operationalby late 2020.

"This is a significant opportunity for us," said Dr. Yi Jiang, president and general manager, Corning Advanced-Flow Reactor Technology Co., Ltd. "Establishing our AFR business headquarters in Changzhou will enable us to operate more effectively in China, which is the leading global market for flow reactor application technologies. It will also position us to be near our customers in the region, give us the ability to focus more attention on customer value realization, and grow larger faster."

Corning has had a presence in China for 38 years. The new entity will strengthen the company`s presence in the region. As a global leader in flow reactor technology, Corning has successfully promoted AFR innovation in China over the last eight years by investing in comprehensive marketing, building a technical demonstration center in Changzhou, collaborating with local universities, and focusing on the regional development of talent.

Compared with traditional batch reactors, Corning`s reactors enable at least 100 times enhancement in mixing; 1,000 times improvement in heat transfer performance; and seamless, efficient scale-up from the lab to full-scale production of chemicals for the pharmaceutical, specialty, and fine chemical industries.

"Corning`s AFR technology provides inherently safer chemical process solutions to China`s pharmaceutical and chemical industries, which have been growing quickly over the past few years," said Li Fang, president and general manager of Corning Greater China. "China has committed to high-quality development and inherently safer manufacturing practices in future economic and regulatory initiatives, and Corning is ready to help deliver on that commitment."

Caution Concerning Forward-Looking 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 effects of acquisitions, dispositions and other similar transactions by the Company, the effect of 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; 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 their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.

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. 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.

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 (http://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 Incorporated

Corning (www.corning.com) is one of the world`s leading innovators in materials science, with a more than 165-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 technology, automotive, and life sciences vessels. Corning`s industry-leading products include damage-resistant cover glass for mobile devices; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for state-of-the-art communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks.

Media Relations Contact: Pamela W. Porter (607) 974-9980 porterpw@corning.com

Investor Relations Contact:Ann H.S. Nicholson (607) 974-6716 nicholsoas@corning.com

Follow Corning: RSS Feeds | Facebook | Twitter | YouTube

(c) 2019 AIN. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (USD)
Sales 2019 11 926 M
EBIT 2019 2 196 M
Net income 2019 1 475 M
Debt 2019 5 133 M
Yield 2019 2,89%
P/E ratio 2019 17,0x
P/E ratio 2020 14,1x
EV / Sales2019 2,26x
EV / Sales2020 2,20x
Capitalization 21 778 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 34,68  $
Last Close Price 27,89  $
Spread / Highest target 50,6%
Spread / Average Target 24,3%
Spread / Lowest Target 5,77%
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R. Tony Tripeny Chief Financial Officer & Senior Vice President
David L. Morse Chief Technology Officer & Executive VP
Deborah D. Rieman Independent Director
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