Corning Incorporated : Corning and Samsung Mobile Display Form New OLED Glass Venture
02/02/2012| 08:05am US/Eastern
New business expands Corning's long-standing collaboration with
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.
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
"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,
E. Terry, 607-974-7343
Relations Contact - Samsung Mobile Display:
Relations Contact ? Corning:
Kenneth C. Sofio, 607-974-7705
© Business Wire 2012