Cars, LCD televisions, optical fiber – China takes the cake as the largest consumer, and the demand for these products continues to grow.
Corning is taking this proverbial bull by the horns as it continues to invest in China. The company just announced that it will be building an LCD glassmelting facility in China, and it will also expand its light-duty substrate manufacturing plant.
“Our total China sales exceeded $800 million last year. We are forecasting sales of at least $1.2 billion this year, and we could reach $2 billion in revenue by 2014,” Eric Musser, chief executive officer of Corning Greater China region, says.
According to Corning, more than 20 percent of the entire world demand of LCD televisions comes from China. The country’s residents became the largest consumer for cars in 2009, and China has become Corning’s largest market for optical fiber.
Corning expects China to continue making significant growth in all sectors, and plans to expand its thin-film photovoltaic glass for solar-energy applications as China’s energy sector expands.
“Corning has invested in China for more than 25 years. We have established leadership positions in each of our major businesses. With increased investments and technology innovation across each business, we should be able to continue growing in China and meeting the needs of the world’s largest consumer market,” Musser says.