Corning Incorporated announced 5 December 2007 that it expects its 2008 capital expenditures to be in the range of USD 1.5 billion to USD 1.7 billion, as the company builds additional capacity in its ...
Corning Incorporated announced 5 December 2007 that it expects its 2008 capital expenditures to be in the range of USD 1.5 billion to USD 1.7 billion, as the company builds additional capacity in its Display Technologies segment to meet anticipated growth for large-size flat-panel televisions. The estimates include the capital expenditure of USD 400 million for Corning``s new Gen 10 facility in Japan, announced separately the same day.
The company``s 2008 capital expenditures in the display segment are expected to be in the range of USD 800 million to USD 1.0 billion. In addition to the initial spending on the new Gen 10 facility, the company anticipates adding capacity to its existing liquid crystal display (LCD) glass manufacturing facilities in Taiwan.
"We expect that the LCD glass market will continue to grow into the next decade", said James B. Flaws, vice chairman and chief financial officer. "The LCD TV market is still in the early stages of adoption. We believe that consumers worldwide will replace existing CRT TVs with LCD TVs and expand the number of overall TV``s per home. In order for us to capture our share of this growth, we will need to add capacity".
Also included in the company``s 2008 capital expenditure plan is the previously announced improvement and renovation of the company``s research and development facility, as well as additional production capacity at its diesel manufacturing facility.
"While the amount of capital expenditures will be higher in...
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