Corning to invest $1B in flat-glass business

February 7, 2005 – Corning Inc. said Friday it expects to invest about $1 billion this year into its most profitable business: ultra-thin glass used in flat-screen computers and televisions.

The industrial materials and glassware company plans to boost capital spending from $857 million in 2004 to between $1.2 billion to $1.4 billion in 2005, with about three-quarters being invested in its display technologies division, according to the Associated Press.

The business recorded fourth-quarter sales of $311 million, up 56% from a year ago, helped mainly by a surge in revenues from LCD glass. Even while LCD glass prices are projected to fall about 5% in the first quarter, Corning expects its shipments will grow by more than 50% this year.

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