Corning and SGD Pharma announce joint venture to open new glass tubing facility and expand access to Corning® Velocity® Vial technology in India

CORNING, N.Y. – Corning Incorporated (NYSE:GLW) and SGD Pharma today announced a joint venture that includes the opening of a new glass tubing facility to expand pharmaceutical manufacturing in India and allows SGD Pharma to adopt Corning’s Velocity® Vial technology platform.

Combining SGD Pharma’s vial-converting expertise with Corning’s proprietary glass-coating technology, the collaboration will enhance vial quality, improve filling-line productivity, and speed the global delivery of injectable treatments. SGD Pharma and Corning have broken ground on a new pharmaceutical glass tubing facility in Telangana, India. Together, the two companies will help drugmakers respond to increasingly complex capacity and quality issues while meeting global demand for critical medicines.

“The partnership with Corning represents yet another step in our strategy to advance converting technology in the pharmaceutical industry and secure our supply chain. The introduction of Velocity Vials will contribute to the ongoing evolution of our offerings and services and will expand our portfolio of high-quality tubular glass packaging,” said Olivier Rousseau, CEO SGD Pharma. “We see an opportunity for the industry to improve drug filling quality and performance capabilities by transitioning to Corning’s coated vial technology.”

SGD Pharma joins a growing network of leading primary-packaging manufacturers adopting Corning’s cutting-edge coating technology. The joint venture expands Velocity Vials’ manufacturing footprint, localizes its supply chains in India, and enables easier adoption of the technology by customers.

“Corning is advancing pharmaceutical glass technology to help our customers address their most pressing challenges – globally and locally,” said Ron Verkleeren, senior vice president and general manager of Corning’s Life Sciences Market Access Platform. “The joint venture with SGD Pharma supports our continued global expansion as we localize manufacturing for our customers. The collaboration also strengthens our leadership position in the industry and underscores our commitment to India’s high-growth market.”

Manufacturing of Velocity Vials at SGD Pharma’s facility in Vemula, India, is expected to begin in 2024. Pharmaceutical tubing production is expected to begin in 2025.

Caution Concerning Forward-Looking Statements

The statements contained in this release and related comments by management 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, the Company’s 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.

Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses' global supply chains and strategies; changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from the COVID-19 pandemic, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, new Taiwan dollar, euro, Chinese yuan and South Korean won), the availability of government incentives, decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses; the duration and severity of the COVID-19 pandemic and its impact across our businesses on demand, personnel, operations, our global supply chains and stock price; possible disruption in commercial activities or our supply chain due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; ability to enforce patents and protect intellectual property and trade secrets; unanticipated disruption to Corning’s, our suppliers’ and manufacturers’ supply chain, equipment, facilities, IT systems or operations; product demand and industry capacity; competitive products and pricing; availability and costs of critical components, materials, equipment, natural resources and utilities; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; the amount and timing of any future dividends; the effects of acquisitions, dispositions and other similar transactions; the effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes, pricing actions and cost reduction measures; rate of technology change; adverse litigation; product and component performance issues; retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws, regulations and international tax standards; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.

Web Disclosure

In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated (“Corning”) wishes to notify investors, media, and other interested parties that it uses its website to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning’s media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts.

08.06.2023, Corning