CORNING, N.Y. (AP) — Corning Inc. said Wednesday it plans to spend $453 million over the next two years to expand production of liquid crystal display components as demand for flat-screen televisions continues to grow.
Corning will add capacity to its manufacturing facility in Taichung, Taiwan, that makes glass substrates for LCD screens. The expenditures were included in Corning's previously reported 2008 capital spending plan.
Corning is the world's largest maker of LCD glass for flat-screen televisions.
The company plans mass production of larger substrates by the first quarter of 2009, though added capacity will come on line through the end of next year.
The move comes amid strong global demand for flat-screen LCD televisions, even in the U.S., where consumer spending on discretionary items has begun to stagnate amid economic worries.
Corning shares fell 26 cents to $22.60 in aftermarket trading.