Corning to invest $1.5 bil. in Korea

By Baek Byung-yeul, The Korea Times - Corning, a U.S.-based multinational tech company, is investing $1.5 billion in Korea over the next five years, according to the company and the provincial office, Friday. The money is planned for developing advanced materials including ultra-thin bendable glass and expanding manufacturing capabilities at Corning's Asan factory in South Chungcheong Province to meet the growing global demand for next-generation displays.

The company, which specializes in glass and ceramic materials, held an event to commemorate the 50th anniversary of its investment in Korea and the establishment of its manufacturing line for ultra-thin bendable glass at its Asan factory. The ceremony was attended by prominent figures including Corning Chairman and CEO Wendell Weeks, Samsung Electronics Executive Chairman Lee Jae-yong and South Chungcheong Province Governor Kim Tae-heum.

The provincial government said Corning's $1.5 billion investment is aimed to boost its presence in displays, mobile devices and other applications such as vehicles. Previously, Corning pledged to invest in Korea when President Yoon Suk Yeol made his visit to the U.S. in April.

Corning produces bendable glass in Asan which it supplies to Samsung Electronics for use in the latest foldable smartphones. According to Corning, no other company has created such an integrated supply chain for bendable glass.

"Corning's latest innovations will enable advanced mobile device designs and automotive displays, and Korea will become a manufacturing hub for ultra-thin bendable glasses," Weeks said according to a statement issued by Corning's Korea office.

The chairman also credited partners such as Samsung and the Korean government for helping to establish this supply chain. "The country's commitment to technology-led growth policy, talented workforce and supportive government have enabled us to work with valued customers and partners here, such as Samsung," he said.

The partnership with Samsung has continued since the two companies jointly established a television production facility in 1973.

Lee said that the collaboration with Corning helped Samsung become a global company, adding the Korean tech giant looks forward to continuing to work together.

"Corning's friendship and cooperation has been a reliable stepping stone for Samsung to become a global company. Samsung and Corning will work together to create technologies that the world doesn't have yet and no one has ever imagined, and technologies that can benefit humanity based on trust and cooperation," Lee said.

The governor also thanked Corning, which has been operating in the province for 20 years.

"The people of South Chungcheong Province think of Corning, which has been with Korea for 50 years and with the province for 20 years, as our company," Kim said. "South Chungcheong Province will fully support the new future of the display industry created by 'our company,' Corning."

Source: https://koreatimes.co.kr/www/tech/2023/09/133_358312.html 

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