Tags: Corning | demand | TV | glass

Corning: TV-Glass Demand to Fuel $10 Billion in Sales

Friday, 04 Feb 2011 10:14 AM

Corning Inc. said Friday it expects its annual revenue to grow more than 50 percent by 2014 to around $10 billion, driven by surging demand for ultra-thin glass used in television monitors and touch-screen tablets.

The specialty glass maker, which was holding its annual investor meeting Friday, is the world's biggest maker of liquid-crystal-display glass for flat-panel TVs and computers.

The company predicts the global appetite for LCD-TVs and mobile devices will drive an anticipated leap in LCD-glass industry volume to around 5 billion square feet in 2014 from more than 3 billion square feet now. It said demand for LCD glass will run between 3.6 billion and 3.8 billion square feet this year.

It posted $6.6 billion in revenue in 2010.

Corning shares rose 23 cents to $22.80 in morning trading.

The 160-year-old company, based in western New York, accounts for more than 60 percent of the LCD glass market and employs 24,500 people. It expects LCD-TVs to remain a favored TV technology in coming years, driven by robust demand in China and other emerging markets and a shortened TV replacement cycle than traditional sets.

Corning said it took back some market share in the fourth quarter as retail demand for LCD-TVs stalled in the United States last year. But research firm DisplaySearch projects renewed demand in North America this year, with shipments climbing 8 percent to 40.5 units.

The market's shift to mobile computing will bring rapid growth of tablet devices in the personal computer space, presenting "an exceptional growth opportunity" for its fast-emerging Gorilla glass business, said James Clappin, Corning's technologies group president.

Hard to break, dent or scratch, Gorilla glass generated around $250 million in revenue in 2010 but soaring demand could boost revenue to $1 billion this year as it begins to migrate to high-end TVs with frameless screens. Sony Corp. said this month it will incorporate Gorilla in a new line of Bravia TVs.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Markets
Corning Inc. said Friday it expects its annual revenue to grow more than 50 percent by 2014 to around $10 billion, driven by surging demand for ultra-thin glass used in television monitors and touch-screen tablets. The specialty glass maker, which was holding its annual...
Corning,demand,TV,glass
320
2011-14-04
Friday, 04 Feb 2011 10:14 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved