Tuesday, March 14, 2006
Surging sales of liquid crystal display (LCD) TVs has prompted Corning Inc. to raise its glass growth projections for 2006.
During a presentation at the Deutsche Bank Securities 2006 Technology conference in Miami Monday (March 13), Corning vice chairman and chief financial officer James Flaws said the company now expects LCD glass market volume to grow 40 to 50 percent this year.
Previously, Corning projected glass volume to increase over 40 percent.
In addition, Flaws said Corning now expects LCD glass market volume to grow at a compound average rate of 37 percent through 2007, up from an earlier estimate of 32 percent.
The basis for the upgraded projections was higher penetration of LCD TVs, now expected to top off at 18 to 19 percent in 2006, compared to 17 percent originally projected. In 2007, LCD TV penetration is slated to hit 28 to 30 percent, up from an earlier estimate of 25 percent.
In February, Corning (Corning, N.Y.) announced it would establish an LCD glass assembly plant in China, as well as invest an additional $75 million into Samsung Corning Precision Glass Co. Ltd, a joint LCD glass venture with Samsung Electronics Co. Ltd.
By: DocMemory
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