Compagnie de Saint-Gobain JV announcement (2755M)
19 January 2016 - 6:57PM
UK Regulatory
TIDMCOD
RNS Number : 2755M
Compagnie de Saint-Gobain
19 January 2016
News Release
January 19, 2016
Saint-Gobain and Corning Incorporated announce new joint venture
to produce lightweight glazing for the automotive market
Saint-Gobain Sekurit and Corning Incorporated (NYSE:GLW) today
announced that they have signed an agreement to establish an
exclusive joint venture, equally owned by Saint-Gobain and Corning,
to develop, manufacture and sell lightweight automotive glazing
solutions. The venture is expected to build manufacturing
facilities to meet worldwide automotive market demand.
This new venture will take advantage of the unique synergies
available from its parent companies to bring revolutionary
innovations to the automotive market. Laminated windows made with
ultra-thin Corning(R) Gorilla(R) Glass for Automotive and Sekurit's
automotive glass and window technologies offer a significantly
improved combination of lightness, toughness and optical quality
over traditional solutions.
These thin, lightweight automotive glazing solutions can be used
for all laminated windows in an automobile and will significantly
reduce vehicle weight which will improve fuel efficiency,
environmental impact and vehicle handling. The joint venture's
advantaged glazing solutions will further enable auto makers to
develop the "car of the future," including improved head up display
images.
"By combining the know-how of Saint-Gobain, a world leader in
developing and processing automotive glass, with Corning's
innovative Corning(R) Gorilla(R) Glass technology, the joint
venture will provide the opportunity to create a major innovation
in one of Saint-Gobain's historical businesses," said Houchan
Shoeibi, president of Saint-Gobain Sekurit.
"We are excited to collaborate with a world leader in automotive
glass, Saint-Gobain, to accelerate adoption of thin, lightweight,
durable and optically advantaged auto glazing," Martin J. Curran,
executive vice president and innovation officer, said. "Today's
announcement further demonstrates Corning's ability to leverage its
glass fusion manufacturing expertise and auto industry experience
to extend Gorilla Glass into the automotive glass market."
This agreement is subject to the approval of the relevant
competition authorities.
About Saint-Gobain
Backed by its experience and its capacity to continuously
innovate, Saint-Gobain, the world leader in the habitat and
construction market, designs, manufactures and distributes
high-performance and building materials providing innovative
solutions to the challenges of growth, energy efficiency and
environmental protection. With 2014 sales of EUR38.3 billion*,
Saint-Gobain operates in 66 countries and has more than 170,000
employees. For more information about Saint-Gobain, visit
www.saint-gobain.com and the twitter account @saintgobain, or
download the "Saint-Gobain Shareholder" application for tablet and
smartphone.
* restated excluding Verallia
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit markets;
currency fluctuations; tax rates; product demand and industry
capacity; competition; reliance on a concentrated customer base;
manufacturing efficiencies; cost reductions; availability of
critical components and materials; new product commercialization;
pricing fluctuations and changes in the mix of sales between
premium and non-premium products; new plant start-up or
restructuring costs; possible disruption in commercial activities
due to terrorist activity, armed conflict, political or financial
instability, natural disasters, adverse weather conditions, or
major health concerns; adequacy of insurance; equity company
activities; acquisition and divestiture activities; the level of
excess or obsolete inventory; the rate of technology change; the
ability to enforce patents; product and components performance
issues; retention of key personnel; stock price fluctuations; and
adverse litigation or regulatory developments. These and other risk
factors are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the day that they are made, and Corning undertakes no obligation to
update them in light of new information or future events.
About Corning Incorporated
Corning (www.corning.com) is one of the world's leading
innovators in materials science. For more than 160 years, Corning
has applied its unparalleled expertise in specialty glass,
ceramics, and optical physics to develop products that have created
new industries and transformed people's lives. Corning succeeds
through sustained investment in R&D, a unique combination of
material and process innovation, and close collaboration with
customers to solve tough technology challenges. Corning's
businesses and markets are constantly evolving. Today, Corning's
products enable diverse industries such as consumer electronics,
telecommunications, transportation, and life sciences. They include
damage-resistant cover glass for smartphones and tablets; precision
glass for advanced displays; optical fiber, wireless technologies,
and connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Saint-Gobain Press Relations:
Charles Hufnagel: +33 1 47 62 30 10
Susanne Trabitzsch: +33 1 47 62 43 25
Saint-Gobain Analyst/Investor Relations:
Gaetano Terrasini: +33 1 47 62 32 52
Vivien Dardel: +33 1 47 62 44 29
Florent Nouveau: +33 1 47 62 30 93
Corning Media Relations:
Daniel F. Collins
(607) 974-4197
collinsdf@corning.com
Corning Investor Relations:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
Follow Corning: Facebook | Twitter | YouTube
###
This information is provided by RNS
The company news service from the London Stock Exchange
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