Corning's Resurrection in LCD Glass Manufacturing
Corning Reaches Deal With Sharp
Nearly four years ago Corning Inc. was nearly bankrupt. However, their resurrection in the LCD market making ultrapure glass for liquid crystal displays (LCDs) has already begun. The company announced that its board of directors recently approved an expenditure plan of $174 million to expand its Generation 8 size LCD glass manufacturing facility in Japan.
The expenditure is needed because Corning recently signed a supply agreement to become the majority glass supplier with the Sharp Corporation, Corning said. Corning was already the world's largest producer of ultrapure glass for LCDs, which are used in large flat-panel TVs, laptops and flat-panel monitors.
Sharp currently has a new factory under construction in Mie Prefecture in Japan, which will be concentrating on the manufacturing of LCD TVs over 40 inches and larger.
Corning's new Gen 8 glass manufactured at their facility will be called Eagle XG (extra green), Corning said. Eagle XG is the first of its kind because it's the first LCD that is free of all heavy metals, including arsenic. It is chlorine-, fluoride- and bromine-free as well, making the LCD glass the most environmentally-friend available, Corning said. The Eagle XG glass will make it easier to recycle the LCD displays.
Corning's growth comes at a time when the demand for LCD displays is high. The company believes the global LCD market will continue to grow between 40 and 50 percent in volume this year and Corning's volume will grow at a rate greater than the overall market, Corning said.
In addition, the company also said LCD TV penetration should reach 19 percent of the total TV market by the end of 2006. LCD TVs held only 11 percent of the global TV market last year, the company said.
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