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Corning Announces Pharmaceutical Glass Packaging Joint Venture in Bengbu, China

 

New manufacturing capacity will allow Corning to meet increased regional and global demand for high-quality glass tubing

Corning Incorporated (NYSE: GLW) today announced a joint venture (JV) agreement with Bengbu Innovation Venture Capital Co. Ltd. in Bengbu, China. The new company, Corning Pharmaceutical Glass Co., Ltd., will be part of Corning Pharmaceutical Technologies’ business portfolio.

Amid increased COVID-19-related demand, this public-private partnership enhances Corning’s glass packaging manufacturing capacity and capabilities and further strengthens the company’s ability to meet both regional and global customer demand.

The JV will focus on construction of a state-of-the-art manufacturing facility in Bengbu, located in the Anhui Province of China. The new facility will enable the manufacturing of 20,000 tons annually of high-quality borosilicate glass tubing for the global pharmaceutical packaging market.

“It is exciting to see that Corning announced construction of a first-class pharmaceutical glass manufacturing facility in China. The localized production capacity will greatly help to better serve Chinese customers’ growing demand of more cost effective and high-quality Type I borosilicate glass tubing and promote the upgrade of the pharmaceutical glass industry. The stable supply of Type I glass will facilitate the government’s call for consistent evaluation of generic drugs and patient safety,” said Dr. Tu Jiasheng, Director of Expert Committee of Pharmaceutical Excipient and Container of CHP (Chinese Pharmacopoeia Commission).

Production is expected to begin in the third quarter of 2021 and is projected to bring approximately 200 jobs to the local Bengbu area.

“The pharmaceutical market in China is undergoing a period of unprecedented innovation and growth. Corning is delighted to partner with the Bengbu Innovation Venture Capital Co. Ltd. to ensure supply of high-quality pharmaceutical glass in China. This new facility builds on Corning’s long history of manufacturing in the region and underscores our commitment to innovation and growth in the pharmaceutical and life science market,” said Ron Verkleeren, senior vice president and general manager, Corning Life Sciences.

Caution Concerning Forward-Looking 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 duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. 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.

Web Disclosure

In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website (http:/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated

Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 169-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic 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 mobile consumer electronics, optical communications, automotive technologies, life sciences technologies, and display technologies.

 

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