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CORNING INCORPORATED

(GLW)
  Report
Delayed Nyse  -  04:03 2022-10-06 pm EDT
31.49 USD   +0.54%
10/05Corning Maintains Quarterly Dividend at $0.27 a Share, Payable Dec. 16 to Shareholders as of Nov. 18
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10/05Corning Announces Quarterly Dividend
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10/05Corning Announces Quarterly Dividend
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Corning Incorporated : Corning and Samsung Mobile Display Form New OLED Glass Venture

02/02/2012 | 08:05am EDT

New business expands Corning's long-standing collaboration with Samsung

Corning Incorporated (NYSE: GLW) and Samsung Mobile Display Co., Ltd. have signed an agreement to establish a new equity venture for the manufacture of specialty glass substrates for the rapidly expanding organic light emitting diode (OLED) device market. The new business will be located in Korea.

Combining Corning's Lotus? Glass substrate technology and Samsung Mobile Display's OLED display expertise, this new entity will be well-positioned to provide outstanding product solutions for current and future OLED technologies, from handheld and IT devices to large TVs and beyond.

The newly formed entity will supply OLED backplane glass substrates for Samsung Mobile Display, as well as for the broader Korean market.

According to a recent NPD DisplaySearch report, OLED technology advanced rapidly in 2011, setting a trend that is forecasted to continue through this decade. They estimate that OLED display revenues will exceed $4 billion in 2011 (approximately 4% of flat panel display revenues), and will reach more than $20 billion (approximately 16% of the total display industry) by 2018.

Samsung is playing a leading role in this emerging market through its Galaxy mobile device products and Super OLED TV technology introduced in January at the International Consumer Electronics Show. Corning's ongoing advanced glass technology development includes a strong focus on high-performance displays. Most recently, this focus has been demonstrated through Corning's new Lotus? Glass substrates, which deliver the higher processing temperatures and improved dimensional stability needed to produce the new high performance displays.

"Samsung Mobile Display has led the global display industry by constantly seeking innovations and challenging current technologies' limits. We are confident that combining our business powers with Corning's technology leadership will deliver greater value to our clients," said Soo In Cho, Samsung Mobile Display's president and chief executive officer.

"Corning and Samsung have a long and successful partnership in the display industry, dating back nearly 40 years to the early days of television," said Wendell P. Weeks, Corning's chairman, chief executive officer, and president. "The strength of our business relationship is built on Corning's ability to develop and make high-technology glass with the key attributes that enable Samsung's next-generation displays. Together, we have led the evolution of displays - from the high-growth years of CRT, to our current successful business supplying world-leading substrates for today's high-definition LCD TVs, and now to the launch of this important new venture to advance OLED technology," Weeks stated.

Forward-Looking and Cautionary 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 effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning's filings with the Securities and Exchange Commission. 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.

About Samsung Mobile Display

Samsung Mobile Display Co., Ltd. (SMD) was established in January 2009 as a core Samsung company that provides cutting-edge display solutions. With highly advanced technological capabilities, SMD offers a comprehensive range of displays including those featuring AMOLED (Active Matrix Organic Light Emitting Diode) and LCD technologies.

SMD has become a global leader in visual technology and its state-of-the-art AMOLED displays are being widely applied to smartphones, digital cameras, gaming devices and media players.

As a total solution provider, SMD strives to advance the future with next-generation technologies including flexible, foldable and transparent displays. Recognized as a catalyst for visual innovation, SMD continually works to change how we view our world.

For more information about Samsung Mobile Display, visit www.samsungsmd.com.

About Corning Incorporated

Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.

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###

Media Relations Contacts ? Corning:
Daniel F. Collins, 607-974-4197
collinsdf@corning.com
or
James E. Terry, 607-974-7343
terryje@corning.com
or
Media Relations Contact - Samsung Mobile Display:
Hojung Kim, 82-31-209-0514
hjarbre.kim@samsung.com
or
Investor Relations Contact ? Corning:
Kenneth C. Sofio, 607-974-7705
sofiokc@corning.com


© Business Wire 2012
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Financials (USD)
Sales 2022 14 962 M - -
Net income 2022 2 137 M - -
Net Debt 2022 5 160 M - -
P/E ratio 2022 12,4x
Yield 2022 3,40%
Capitalization 26 619 M 26 619 M -
EV / Sales 2022 2,12x
EV / Sales 2023 2,05x
Nbr of Employees 61 200
Free-Float 41,9%
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 31,49 $
Average target price 39,02 $
Spread / Average Target 23,9%
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Managers and Directors
Wendell P. Weeks Vice President & GM-Optical Fiber Business
Eric S. Musser President & Chief Operating Officer
Edward A. Schlesinger Chief Financial Officer & Executive Vice President
David L. Morse Chief Technology Officer & Executive VP
Anne Mullins Chief Information Officer & Senior Vice President
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