SAN JOSE, Calif. - Corning Inc. is set to invest $965 million in China.
In the first move, Corning has approved a capital expenditure plan to expand the company’s LCD glass manufacturing in response to strong market demand.
It will invest approximately $800 million to construct a new LCD glass substrate facility in China. Corning will locate the new facility in the Beijing Digital TV Industry Park within the Beijing Economic Technological Development Area. The manufacturing plant will have up to Generation 8.5 glass-melting and finishing capabilities. Groundbreaking is planned for September of this year, with production slated to begin in the first half of 2012.
In another move, Corning has approved a capital expenditure plan to increase manufacturing capacity in the company’s Environmental Technologies and Life Sciences segments in China.
Corning will invest approximately $125 million to expand its Corning Shanghai Company Ltd. automotive substrate facility and approximately $40 million to build a new manufacturing and distribution facility for Corning Life Sciences in the Yangtze River Delta. Final site selection for the life sciences facility is now underway. These investments will be part of Corning’s 2011 capital expenditures.