Profile: Corning Inc (GLW)

GLW on New York Consolidated

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27 Aug 2014
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Corning Incorporated (Corning), incorporated on December 24, 1936, is a global, technology-based corporation. The Company operates in five segments: Display Technologies, Telecommunications, Environmental Technologies, Specialty Materials and Life Sciences. During the year ended December 31, 2011, Corning launched Corning Lotus Glass, an environmentally friendly, display glass developed to enable technologies, including organic light-emitting diode (OLED) displays and next generation liquid crystal displays (LCD). Corning Lotus Glass helps support the demanding manufacturing processes of both OLED and liquid crystal displays for portable devices, such as smart phones, tablets, and notebook computers. During the year ended December 31, 2011, Corning introduced Corning Gorilla Glass 2, the next generation in its Corning Gorilla Glass suite of products. In March 2011, the Company acquired all outstanding shares from the shareholders of MobileAccess. In December 2011, it acquired Mediatech, Inc. In November 2012, Corning acquired the majority of the Discovery Labware business from Becton, Dickinson and Company. In May 2013, the Company acquired Bargoa SA. Effective January 15, 2014, Corning Inc acquired the remaining 50.6% interest in Samsung Corning Precision Materials Co Ltd. In May 2014, Mitsui Chemicals Inc announced the acquisition of Corning Inc's SunSensors operations.

Display Technologies Segment

Corning’s Display Technologies segment manufactures glass substrates for active matrix liquid crystal displays (LCDs), that are used primarily in notebook computers, flat panel desktop monitors, and LCD televisions. Corning’s facilities in Kentucky, Japan, Taiwan, and China and those of Samsung Corning Precision Materials Co., Ltd. (Samsung Corning Precision) in Korea develop, manufacture and supply glass substrates using a fusion manufacturing process and technology expertise. Corning owns 50% of Samsung Corning Precision, Samsung Electronics Co., Ltd. owns 43% and three other shareholders own the remaining 7%. Samsung Corning Precision sells LCD glass to panel manufacturers in Korea, while panel manufacturers located in Japan, Taiwan, Singapore and China and other LCD-producing areas of the world are supplied by Corning. Glass substrates are available from Corning in sizes up to Generation 10 (2,850millimeters x 3,050 millimeters).

The Company competes with Asahi Glass, Nippon Electric Glass and Avan Strate, Inc.

Telecommunications Segment

The Telecommunications segment produces optical fiber and cable, and hardware and equipment products for the worldwide telecommunications industry. Corning makes and sells InfiniCor fibers for local area networks, data centers and central offices; SMF-28e+ single-mode optical fiber that provides additional transmission wavelengths in metropolitan and access networks; SMF-28 ULL fiber; LEAF optical fiber for long-haul, regional and metropolitan networks; ClearCurve ultra-bendable single-mode fiber for use in multiple dwelling units and fiber-to-the-home applications; ClearCurve ultra-bendable multimode fiber for data centers and other enterprise networks; and Vascade submarine optical fibers for use in submarine networks. Corning has two optical fiber manufacturing facilities in North Carolina and another facility in China.

Corning sold a portion of its optical fiber is to subsidiaries and affiliates including Corning Cable Systems LLC, Beijing CCS Optical Fiber Cable Co., Ltd., Chengdu CCS Optical Fiber Cable Co., Ltd. and Corning Cable Systems Polska Sp. Z o.o. Corning’s remaining fiber production is sold directly to end users or third party cablers around the world. Corning’s cabling operations include facilities in North Carolina, Poland, China, Germany and smaller regional locations and equity affiliates. Corning’s hardware and equipment products include cable assemblies, fiber optic hardware, fiber optic connectors, optical components and couplers, closures and pedestals, splice and test equipment and other accessories for optical connectivity. For copper connectivity, Corning’s products include subscriber demarcation, connection and protection devices, xDSL (different variations of digital subscriber lines) passive solutions and outside plant enclosures. Each of these product lines may be combined in Corning’s fiber-to-the-premises solutions. Corning also provides distributed antenna system solutions for wireless coverage. Corning has manufacturing operations for hardware and equipment products in North Carolina, Arizona, Virginia and Texas, as well as Europe, Mexico, Israel and China. In addition, Corning offers products for the cable television industry, including coaxial connectors and associated tools.

The Company competes with Furukawa Electric/OFS, Fujikura Ltd., Sumitomo Electric and Prysmian Group.

Environmental Technologies Segment

Corning’s Environmental Technologies segment manufactures ceramic substrates and filter products for emissions control in mobile and stationary applications around the world. Corning has continued to develop ceramic substrate and filter products for gasoline and diesel applications. Corning manufactures substrate and filter products in New York, Virginia, China, Germany and South Africa. Corning sells its ceramic substrate and filter products worldwide to manufacturers of emission control systems who then sell to automotive and diesel vehicle or engine manufacturers. Although most sales are made to the emission control systems manufacturers, the use of Corning substrates and filters is generally required by the specifications of the automotive and diesel vehicle or engine manufacturers.

The Company competes with NGK, Denso, and Ibiden.

Specialty Materials Segment

The Specialty Materials segment manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals to meet demand for customer needs. Consequently, this segment operates in a wide variety of commercial and industrial markets that include display optics and components, semiconductor optics components, aerospace and defense, astronomy, ophthalmic products, telecommunications components and protective cover glass that is optimized for portable display devices and televisions. Semiconductor optics manufactured by Corning includes optical material products, optical-based metrology instruments, and optical assemblies for applications in the global semiconductor industry. Corning’s semiconductor optics products are manufactured in New York. Its protective cover glass, known as Corning Gorilla Glass, is an environmentally friendly thin sheet glass designed specifically to function as a protective cover glass for display devices such as tablets, notebook personal computers (PCs), televisions and mobile phones. Other specialty glass products include glass lens and window components and assemblies.

The Company competes with Schott, Shin-Etsu Quartz Products, Asahi Fine Glass, Carl Zeiss, Nikon, NEG, Transitions Optical, Oerlikon, Hoya and Heraeus.

Life Sciences Segment

The Company is a developer, manufacturer and global supplier of scientific laboratory products. Life Sciences laboratory products include general labware and equipment as well as tools and reagents for cell culture and bioprocess, genomics and proteomics, and high-throughput screening. Corning manufactures these products in Maine, New York, New Jersey, California, Utah, Mexico, Virginia, France, Poland, and China. The products are marketed worldwide, primarily through distributors, to pharmaceutical and biotechnology companies, academic institutions, hospitals, government entities, and other research facilities. The Company is in consumable glass and plastic laboratory tools for life science research, Corning continues to development and production of technologies, such as the Corning Epic systems for high throughput screening, the Corning HYPERFlask Cell Culture Vessel for increased cell yields, such as the Corning CellBIND Surface, the Corning Osteo-Assay surface, and the Corning Synthemax Surface, and, through a acquisition completed in 2011, the cellgro brand, which includes high-quality cell culture media and molecular biology reagents related to tissue and cell culture applications.

The Company competes with Greiner, Becton Dickinson, Kimble-Chase and Duran.

All Other

Other products primarily include development projects and new product lines, certain corporate investments, Samsung Corning Precision’s non-LCD business, Corning’s Eurokera and Keraglass equity affiliates with Saint Gobain Vitrage S.A. of France, which manufacture smooth cooktop glass/ceramic products, and Corsam, an equity affiliate between Corning and Samsung Corning Precision to provide glass technology research. Development projects and new product lines involve the use of various technologies for new products, such as advanced flow reactors, thin-film photovoltaics and adjacency businesses in pursuit of thin glass applications.

Company Address

Corning Inc

One Riverfront Plaza
CORNING   NY   14831
P: +1607.9749000
F: +1607.9748091

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