Invest in TaiwanDepartment of Investment Services, MOEA
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Corning was founded in 1851. Headquartered in New York, USA, it has 22,000 employees in some 70 operating locations all over the world. It is also a major shareholder in 50 joint ventures in 16 countries, and ranks among the Fortune 500 companies. Under the Corning banner there are 7 major business divisions: optical fiber, optical cable, optoelectronics, frequency control devices, environmental protection technology, biotechnology, and display technology.
In 1880 Corning provided the Edison Electric Company with the glass material for the first light bulb. In the 1950's, glass porcelain composite technology was developed, finding widespread application in the making of kitchenware, and CorningWare
became a household name. In the 1970's Corning made the world's first optical fiber. In 1998, Corning sold off its kitchenware division and focused on transforming itself into a high-tech company making such products as optical communication equipment and glass substrate. As the demand for LCD display technology has increased, the share of Corning's operating revenue provided by its display division has risen. Corning Display Technologies Company has a global market share of over 50% and makes the AM-LCD glass substrate used in the production of TFT-LCDs (Thin Film Transistor-Liquid Crystal Displays).
In PC related industries Taiwan is simply a powerhouse. Believing in the growth potential of the island's TFT-LCD industry, Corning intends to root itself firmly in Taiwan and become a well-entrenched local supplier of glass substrate.
In 1971, Corning invested in a joint venture to form Pacific Glass, making picture tubes for television sets. In the 30 years since then, Corning has participated continuously in Taiwan's economic development. By bringing optical glass billet technology to Taiwan in the early years, it helped Taiwan become the world's leading center for the OEM production of spectacles and related products. In recent years, Corning has undertaken extensive purchasing in Taiwan, and has provided Taiwan with applied material technologies in the areas of optics, special semiconductors and optical communications. In 1999, Corning built a factory in the Tainan Science Based Industrial Park, which is the first factory for the production of substrate materials used in the manufacturing of TFT-LCD. Today, Corning is a leader in many fields in Taiwan, including optical communications, exhaust gas control, and LCD display units.
As the overall market demand for Corning's glass substrate continues to increase, the company's display business unit reached a historical high in terms of production and delivery volumes in 2002. Located in the Tainan Science-based Industrial Park is the first integrated glass substrate manufacturing plant in Taiwan. In addition, Corning built up the glass smelting facilities lately and the global production capacity for Corning will increase threefold accordingly. Currently, the company's total annual revenue from sales of LCD glass substrate in Taiwan and Japan is approximately US$400 million. It is estimated that revenue will continue to grow at a 20 ~ 40% rate until 2006, with Taiwan being the primary growth area.
With southern Taiwan having become an important center for the development of the optical industry, Corning is planning to invest an additional US$100 million in the island, and will continue this investment in the future. The company already has another plan to build a glass smelting plant in the Tainan Science-based Industrial Park. Besides reinforcing Corning's position as a leading supplier of glass substrate in the Asia Pacific region, the establishment of production facilities in Taiwan will also facilitate the integration of up-, mid-, and down-stream suppliers in Taiwan's TFT-LCD industry, and help raise the technology level of the island's optical industry. It is hard to imagine a better way to create a win-win situation for Taiwan and Corning.
The global market share of Taiwan's TFT-LCD industry has reached 36%, and Taiwan is number 2 in the global rankings. Total investment in the industry is in excess of NT$300 billion, which represents a higher intensity of investment than can be found anywhere else in the world. Taiwan has become one of the world's most important production bases for flat panel display units, and attracts investment from key component vendors all over the world. As related industries cluster together in response to the formation of science parks and industrial districts, up- and down-stream suppliers will gradually become closely integrated, thereby helping to reduce production costs. Yet there is still plenty of room for further growth.
The display industry is one of the key industries targeted in the Republic of China's Two Trillion, Twin Stars
Plan. By combining Taiwan's existing information and telecommunication technologies with the advantages possessed by the island's arkets and industries, it will be possible to achieve ongoing development of the market for flat panel display units. To meet growing demand, Taiwan has started training programs to build expertise and develop new, forward-looking technologies in this field. The island is also forming strategic alliances with other technologically advanced countries to raise the level of R&D expertise, and to cooperate in the joint development of the next generation of display technologies and equipment. It is estimated that the production value of flat panel and liquid crystal display units in Taiwan will exceed NT$ 1.37 trillion by 2006. Taiwan welcomes your participation in the development of the display industry, which offers such enormous potential.
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