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Corning to make annual investment of US$9.2 mln in R&D center in S. Korea

According to Yonhap News,

(SEOUL=Yonhap News) The head of Corning Inc., a U.S. specialty glass maker, said Tuesday his company will make an annual investment of 10 billion won (US$9.2 million) in a research and development center to be set up in South Korea.

Corning CEO Wendell Weeks made the announcement during a meeting with South Korean President Park Geun-hye at the presidential office in Seoul, according to Park's office.

The proposed center would be Corning's first research and development center outside the United States.

Corning said the research and development center to be built in Asan, some 95 kilometers south of Seoul, by the end of this year is designed to develop high-tech materials to be used in mobile phones and other devices.

Park told Weeks that Corning's move to set up a research and development center in South Korea is an excellent choice and asked Weeks to expand his company's investment in South Korea.

Separately, Corning said it plans to invest 900 billion won in South Korea to renovate facilities to boost production of specialty glass by 2018 as part of its efforts to make its South Korean plant a hub for the production and export of liquid crystal displays.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (November. 04, 2014)

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