(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."
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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.
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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.
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