Corning Announces Price Increase for Display Glass Products

Corning, N.Y., May 23, 2023 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE: GLW) is announcing a 20% increase to its display glass substrate prices. The global price increase will impact all regions, compositions, and glass Gen sizes beginning in the third quarter of 2023.

This price adjustment is intended to offset ongoing elevated costs in energy, raw materials, and other non-yen denominated operational expenses during this period of extended inflation which has impacted many global industries, including the display industry.

Corning expects growth in demand for display glass in the second half of 2023, driven by the continued recovery of the display industry and typical seasonal demand patterns.

Corning will continue to monitor its operating environment and make decisions on future pricing adjustments taking into consideration further changes in market conditions, inflationary costs, and other industry trends.

Caution Concerning Forward-Looking Statements

The statements contained in this release that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” and “target” and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, Corning Incorporated’s (the “Company”) future operating performance, the Company’s share of new and existing markets, the Company's revenue and earnings growth rates, the Company’s ability to innovate and commercialize new products, the Company's expected capital expenditure and the Company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the Company’s manufacturing capacity.

Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business and key performance indicators that impact the Company, there can be no assurance that these forward-looking statements will prove to accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.