Aggressive Investment in Korea

President Park Geun-hye meets Corning CEO Wendell Weeks at her office on Nov. 4.
President Park Geun-hye meets Corning CEO Wendell Weeks at her office on Nov. 4.

 

Corning will set up an R&D center in Korea late this year before making 10 billion won (US$9.3 million) annual investments for years to come.

“We have continued our investment in Korea and have cooperated with its excellent human resources all the way since 1973,” Corning CEO Wendell Weeks said during his meeting with President Park Geun-hye, adding, “We bought 100 percent of the Samsung Corning shares last year at an investment of US$1.9 billion, and are planning to build an R&D center in Korea to work on flexible displays and next-generation touch screen technology.”

Corning established Samsung Corning in 1973 with the Samsung Group to manufacture CRT glass. Between that year and 2007, when it was merged with what is now Corning Precision Materials, the company invested 2.2 trillion won (US$2.0 billion) in Korea. The new R&D center is scheduled to be set up in Asan City, South Chungcheong Province, and employ 20 to 30 researchers.

In addition, Corning is said to invest 900 billion won (US$832 million) for the repair and remodeling of its production lines in the country. Specifically, the company is going to increase its Gorilla Glass production volume at least fivefold by 2018, while more than doubling the HPD glass manufacturing volume within four years.

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