Corning magnifies Korean presence with glass production hub

Corning is building a bendable glass manufacturing hub encompassing all stages of the supply chain in Korea as part of its previously announced $1.5 billion investments in the country, its chief executive said Thursday.

Wendell P. Weeks, Corning CEO and board chairman, speaks during a press conference held in central Seoul on Thursday. [NEWS1]

Corning, a New York-based specialty glass supplier, is building a bendable glass manufacturing hub encompassing all stages of the supply chain in Korea as part of its previously announced $1.5 billion investments in the country, its chief executive said Thursday.

The production hub is the first of its kind in the world, according to the company. Corning’s bendable display panels are currently used in some of Samsung Electronics’ foldable devices, namely the Z Fold series.

“I am excited to announce that we are building the world’s first fully integrated supply chain to manufacture next-generation bendable glass technology, right here in Korea,” said Wendell P. Weeks, Corning CEO and board chairman, during a press conference held in central Seoul, commemorating the 50th anniversary of the U.S. company’s first investment in Korea.

“Our latest innovation will enable new mobile device form factors, and advanced automotive displays for a more immersive driving experience, making this [the Korean production base] the hub for ultra-thin, bendable glass manufacturing,” stressed Weeks.

The production facility, based in Asan, South Chungcheong, has already begun mass production of bendable display panels, according to the chairman. The company did not provide further details on the investment value or the production capacity for the new manufacturing hub.

It is part of Corning’s previously announced investment plan to pour $1.5 billion into Korea over the next five years, which was first made public during President Yoon Suk Yeol’s state visit to the United States.

Corning is Samsung’s long-standing partner, and currently supplies Gorilla Glass, a protective glass for smartphone display, to Samsung Electronics.

During the press conference, Weeks addressed Samsung Electronics Chairman Lee Jae-yong as “my good friend and insightful leader,” with whom the chairman plans to hold a meeting on Friday.

“One of the most vital components that fueled our journey is the wisdom, strategic insight, and visionary leadership of JY Lee [Lee Jae-yong],” said Weeks, adding that Lee’s “foresight” helped the company expand its focus in Korea outside traditional LCD panels.

Corning currently operates two local subsidiaries in Korea — Corning Precision Materials based in Asan and Corning Korea in Seoul — and a joint venture with Samsung Display, Samsung Corning Advanced Glass. Corning Precision Materials was first established as a joint venture with Samsung Display, yet the U.S. company acquired its full ownership in 2014.

Corning made its first investment in Korea in the 1970s, and has so far executed $15 billion in the country.

Weeks met with Hyundai Motor Executive Chair Euisun Chung on Thursday during his visit to Seoul as well.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]