Corning raises LCD glass forecast

Surging sales of 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, Corning vice chairman and CFO James Flaws said the company now expects LCD glass market volume to grow 40 to 50 percent, up from an earlier projection of 40 percent. He added that Corning now expects a compound average rate of 37 percent through 2007, up from an earlier estimate of 32 percent volume growth.

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 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.

- Spencer Chin
EE Times