(GLW) Corning Embarks on Joint Research

Corning Inc. (GLW) announced the opening of a research facility in China, jointly with the Shanghai Institute of Ceramics and Chinese Academy of Sciences (SICCAS). The facility is located in the Research and Development Center of SICCAS in Jiading, Shanghai.

SICCAS is China’s leading research institute in the fields of material science and technology. Its innovations can be used to develop new and improved products that will address requirements in China and abroad.

The SICCAS-Corning facility will take up technical challenges to address developmental issues worldwide. For this, the company and the academic establishments will pool their knowledge bases and research capabilities to produce cutting edge products. Additionally, thermoelectric technology research will aid in the discovery of high-performance materials for electrification of vehicles, enabling fuel efficiency and lower vehicle emission.

As the world leader in specialty glass and ceramics, Corning has built up its presence in China over the last three decades. We believe China will remain an important growth market and generate significant growth for Corning in the future. The lower-cost labor should also have a positive impact on the company’s bottom line.

Additionally, the company also opened an Advanced Technology Center in Taiwan. The facility will serve as a customer-focused applications engineering and design center in Asia. Equipped with outstanding glass technology capabilities and experienced personnel, the Corning Advanced Technology Center will extend product design and developmental support to the fast-paced consumer electronics industry.

Corning’s innovations and technologies help it to deliver improved results and maintain a position in an increasingly competitive market. Corning delivered a strong fiscal first quarter, beating the Zacks Consensus Estimates on both top and bottom lines.

However, Corning faces significant competition due to excess capacity in the market place, price pressure and product launches. For hardware and equipment products, significant competitors are 3M Company (MMM), Tyco Electronics, Ltd. (TEL), Furukawa OFS, CommScope, and ADC Communications.

We have a Neutral recommendation on Corning over the long term (for the next 6 to 12 months). Currently, Corning has a Zacks #3 Rank, which implies a Hold rating on a short-term basis.

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