Corning Breaks Ground on LCD Glass Finishing Facility in China

Corning Breaks Ground on LCD Glass Finishing Facility in China

November 03, 2006

Company was First to Announce it Would Locate a Substrate Facility on the China Mainland

    CORNING, N.Y., Nov. 3 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) announced today that its wholly
owned subsidiary in the People's Republic of China hosted a
groundbreaking ceremony for a new liquid crystal display
(LCD) glass substrate finishing facility.

    (Logo:
http://211.154.41.99:9080/xprn/back/upload/story_attchment/20061026172020-74.jpg
)

    Corning was the first TFT-LCD glass substrate supplier
to announce that it would locate a production facility on
the China mainland.  The facility, located in the Beijing
Economic Technological Development Area, is expected to
open in the first half of 2008.

    "The plant that will be built on this site will
become a dynamic symbol of our commitment to the growing
Chinese TFT-LCD industry," said Wendell P. Weeks,
president and chief executive officer, Corning
Incorporated.  "It's also a key element in our
strategy to grow with our customers, while we support one
of this country's most important industries," Weeks
said during his address to the many officials, customers,
media and employees gathered for the celebration.

    Other Corning leaders who spoke at the ceremony were
Clark S. Kinlin, chief executive officer, Greater China;
James P. Clappin, president, Corning Display Technologies;
and John P. Bayne, president, Corning Display Technologies
China.

    "Corning's investment enhances our position as a
leading supplier of the most pristine LCD glass substrates
in the world," said Clappin.  "We are committed
to the LCD industry in China and to growing with our
customers in this important region of the world
market."

    Historically, Corning has been first to enter the
LCD-producing regions that we serve, beginning with glass
finishing and then assessing the need for other operations
at a later date, based on market and customer demand.

    According to industry analysts and Corning's own market
analysis, requirements for LCD glass grew approximately 60
percent worldwide in 2005.  Driving the demand for glass
are the facts that an increasing number of CRT screens are
being replaced by LCDs, and the penetration level of flat
panel displays used for desktop monitors and televisions
are also increasing.  LCD TVs are continuing to grow in
popularity, representing 11 percent of the global TV market
in 2005.

    About Corning Incorporated

    Corning Incorporated ( http://www.corning.com ) is a
diversified technology company that concentrates its
efforts on high-impact growth opportunities.  Corning
combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties
of light, with strong process and manufacturing
capabilities to develop, engineer and commercialize
significant innovative products for the telecommunications,
flat panel display, environmental, semiconductor, and life
sciences industries.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements
that involve a variety of business risks and other
uncertainties that could cause actual results to differ
materially.  These risks and uncertainties include the
possibility of changes or fluctuations in global economic
and political conditions; tariffs, import duties and
currency fluctuations; product demand and industry
capacity; competitive products and pricing; manufacturing
efficiencies; cost reductions; availability and costs of
critical components and materials; new product development
and commercialization; order activity and demand from major
customers; capital spending by larger customers in the
liquid crystal display industry and other businesses;
changes in the mix of sales between premium and non-premium
products; facility expansions and new plant start-up costs;
possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability
or major health concerns; ability to obtain financing and
capital on commercially reasonable terms; adequacy and
availability of insurance; capital resource and cash flow
activities; capital spending; equity company activities;
interest costs; 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; changes in key
personnel; stock price fluctuations; and adverse litigation
or regulatory developments.  These and other risk factors
are identified 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.

    For more information, please contact:

     James E. Terry
     Media Relations
     Corning 
     Tel:   [phone]

     Lydia Lu
     Media Relations, China  
     Tel:   [phone] x1900
     Email: [e-mail]

     Kenneth C. Sofio
     Investor Relations  
     Tel:   [phone]
     Email: [e-mail] 
				
SOURCE  Corning Incorporated