July 22, 2004 – Corning Inc. has approved a capital expenditure plan of $750 million to further expand its liquid crystal display (LCD) glass substrates manufacturing capacity. The majority of the investment will be used to fund the first phase of the new Corning facility in Taichung, Taiwan.
In April of this year, Corning announced that its board had approved preliminary funding to develop the facility plans.
This first phase of the Taichung facility will add glass melting and finishing capacity capable of producing Generation 5.5 and Generation 6 glass substrates. Corning expects to begin initial manufacturing in Taichung during the 3Q05, with additional capacity continuing to come online through 2006.
As part of this capital expenditure plan, Corning’s board also approved preliminary funding for two additional expansion projects:
— Preparation for a second phase of construction at the Taichung facility, which would begin in 2005 and would double the facility’s large-generation production.
— Preliminary funding for the expansion of the company’s Shizuoka, Japan LCD glass facility. This will add significant capacity capable of producing Generation 5.5, Generation 6, and larger glass substrates.