Youngy Group and Corning Form Joint Venture
Post# of 301275
The JV will manufacture Corning ® Willow ® Glass laminates for interior architecture
CORNING, N.Y.; SEPTEMBER 29, 2017 - Corning Incorporated (NYSE: GLW) today announced a joint venture agreement with Youngy Investment Holding Group to focus on glass laminates for interior architecture applications .
Corning will supply glass laminate technologies and Corning ® Willow ® Glass to the joint venture. The joint venture will manufacture the panels, which will be used in residential and commercial applications, in Wuhu, China.
"This relationship enables us to integrate our advanced glass into high-end commercial buildings and homes in China and other parts of the world," said Martin J. Curran , executive vice president and innovation officer at Corning. "This relationship also opens the door for us to explore additional applications for our thin, innovative glass."
Youngy Investment Holding Group Chairman Xiangyang Lv said: "Youngy has a tradition of focusing on commercial application of new technologies, while Corning has strong capabilities in materials science. Willow Glass Laminates could be applied to modern and luxury commercial and residential architecture. We are highly confident in our collaboration between Youngy and Corning."
Corning and Youngy will collaborate on manufacturing processes and equipment with the expectation that first sales will occur in late 2018. Youngy Investment Holding Company is a privately owned company headquartered in Guangzhou, China.
Corning leverages its fusion manufacturing and engineering platform to produce Corning Willow Glass for interior architecture. Corning Willow Glass is an ultra-thin, lightweight glass with superior optical clarity that is also chemically durable and scratch resistant. When laminated to another material, the benefits of Willow Glass can significantly improve the functionality of the material and provide excellent barrier properties.
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.
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About Youngy Investment Holding Group Youngy Investment Holding Group Co. Ltd. (http://www.youngy.com.cn) was founded in 1995. As an advanced investment company, the Group has a vision of "discovering asset value and investing reasonably to add value to our assets; combining resources and moving fast to deploy resources." The corporate goal is to develop into a top investment holding group. The operating philosophy is "to follow market demand and satisfy client needs." The strategy is to develop a conglomerate of integrated operations by growing industrial enterprises, capital operation, financial and commercial services simultaneously. Youngy invests in various industries to form an effective industry chain. With advanced investment concepts and sophisticated capital maneuvering, Youngy aims at diversified development by effectively integrating different resources.
Youngy Group's businesses cover various sectors and the size of each sector is considerable. The investment now reaches more than RMB 150 billion in terms of market value, total assets and annual turnover. Portfolio companies are involved in electric vehicle and fuel vehicles, new energy, new materials, flexible intelligent display, educational information, public utility investment, financial services and insurance, capital operation, etc.
About Corning Incorporated Corning ( www.corning.com ) is one of the world's leading innovators in materials science, with a 166-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramics 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
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