You for joining Corning's Annual Meeting of Shareholders. Please welcome Corning's Chairman of the Board and Chief Executive Officer, Wendell Weeks.
Good morning. Thank you all for coming today. It's nice to see so many familiar faces. The Annual Meeting of Shareholders of Corning Incorporated will please come to order. I'm Wendell Weeks, Chairman of the Board of Directors, Chief Executive Officer and President.
Seated to my left are Linda Jolly, Secretary of the Corporation and Ginger Lawrence, the Inspector of Election. Today's meeting will include our official business as well as my reflections on the state of the company. Following the meeting, we'll have an excellent special presentation from Marty Curran, our Executive Vice President and Innovation Officer. You have a printed agenda for this meeting, but let me review the formal action that we will take. Ms.
Jolly will report the number of shares being voted and confirm that the meeting has been properly called. I will introduce the Board of Directors. I'll call for a motion for the election of 13 directors. I'll call for a motion to ratify the appointment of PricewaterhouseCoopers as Corning's independent registered public accounting firm for 2016. Next, I'll call for a motion for the advisory vote on executive compensation.
Finally, I'll call for a vote on all three motions. After this formal action is completed, I'll discuss the state of the company. Some of you may have questions that are not covered in my formal remarks. Company officers will be available in the lobby immediately following the meeting to be able to answer your questions and be available to you in any way that you would like. They'll be wearing white badges to help you identify.
There will also be an opportunity to ask questions following my remarks. Just to note, any valid ballots handed in at today's meeting won't be in this morning's preliminary vote totals, but they will be included in the official vote tally reflected in Corning's SEC filing. Now we'll start the formal part of the meeting. Madam Secretary, may we have your report on the shareholders represented here today?
Mr. Chairman, as of February 29, 2016, the record date for this meeting, the company had 1,000,000,000,99,000,000 743,400 shares of common stock outstanding and the same number of shares entitled to vote. The Inspector of Election has determined that 959,456,031 shares outstanding and entitled to vote are represented in person or by proxy at this meeting. This is 87% of the shares entitled to vote and represents a quorum for purposes of the meeting.
As you heard, a quorum is present. May we now have a report on the proof of call and the notice of this meeting?
Mr. Chairman, this meeting is being held pursuant to a notice mailed on March 15, 2016 to shareholders of record on February 29, 2016. A list of shareholders entitled to vote for this meeting is available for inspection.
Thank you. Please file the documents with the meeting records. It's not our practice to have the secretary read last year's meeting minutes. However, if anyone wishes to examine last year's minutes, they should see Ms. Jolly after the meeting.
I will now introduce the members of the Board of Directors and ask them to stand when I say their name. Please hold your applause until everyone has been introduced. Mr. Donald Blair, Retired Executive Vice President and Chief Financial Officer of Nike Doctor. Stephanie Burns, Retired Chairman, President and Chief Executive Officer of Dow Corning Corporation Mr.
John Canning, Chairman of Madison Dearborn Partners our Lead Director, Mr. Richard Clark, Retired Chairman, President and Chief Executive Officer of Merck Mr. Robert Cummings, Retired Vice Chairman of Investment Banking for JPMorgan Chase Ms. Deborah Henrietta, retired Group President of Global E Business at Procter and Gamble Company Doctor. Daniel Huntlocker, Dean and Vice Provost at Cornell University's New York City Tech Campus Mr.
Curt Landgraf, retired President and Chief Executive Officer of Educational Testing Service Mr. Kevin Martin, Vice President, Mobile and Global Access Policy at Facebook Doctor. Deborah Reaman, Executive Chairman of MetaMarkets Group Mr. Hansel Tookes, Retired Chairman and Chief Executive of Raytheon Aircraft Doctor. Mark Wrighton, Chancellor and Professor of Chemistry at Washington University in St.
Louis. And most of you know, 3 of our former directors who are here today, Jim Floss, who retired last year as Vice Chairman and CFO and Amo and Jamie Houghton, who both previously served as Chairman and CEO. We're honored to have them with us here today and we appreciate their ongoing participation. Thank you. The first business of the day is to elect each of the 13 directors to a 1 year term.
I now call for nominations for directors.
Mr. Chairman, I move the following be elected directors of the corporation to serve a 1 year term or until their successors have been elected: Donald Blair, Stephanie Burns, John Canning, Richard Clark, Robert Cummings, Deborah Henretta, Daniel Huttenlacher, Curt Landgraf, Kevin Martin, Deborah Reaman, Anseltux, Wendell Weeks and Mark Reitman.
I second that motion. Is there any discussion? The second proposal calls for ratification of the audit committee's appointment of PricewaterhouseCoopers as Corning's independent registered public accounting firm for 2016. I will now entertain a motion and resolution for that ratification. Mr.
Chairman, I am under the adoption of the following resolution: resolved that the shareholders of the corporation ratify the audit committee's appointment of PricewaterhouseCoopers as the corporation's independent registered public accounting firm for the fiscal year ending December 31, 2016.
I second the motion.
Is there any discussion? The 3rd proposal calls for an advisory vote of shareholders approving the corporation's executive compensation as disclosed in the proxy statement. I'll now entertain a motion and resolution for that approval.
Mr. Chairman, I move adoption of the following resolution. Resolve that on an advisory non binding basis, the total compensation paid to the company's named executive officers as disclosed in the proxy statement for the 2016 Annual Meeting of Shareholders pursuant to the disclosure rules of the Securities and Exchange Commission, including the compensation discussion and analysis and the supporting tabular and related narrative disclosure on executive compensation is hereby approved.
I second that motion. Is there any discussion? Now it's time to review the voting procedures for the 3 pending motions. Under the corporation's bylaws and SEC rules, the election of 13 directors, the ratification of the independent registered public accounting firm and the advisory vote on executive compensation will be voted by ballot. Most shareholders have already voted.
If you previously voted by mail, Internet or telephone, there is no need for you to vote again today. Any shareholder who waited though and needs to vote now should use the ballot received at home, then raise your hand and an usher in a red coat will collect it. You can also obtain a ballot from an usher by raising your hand. The ushers will collect any ballots and give them to the Inspector of Election at the end of the meeting to be included in the final vote count. I now ask the Inspector of Election to report the results to the meeting.
Mr. Chairman, I report that each of the 13 director nominees was elected to the company's Board of Directors by a majority of votes cast. The majority of votes cast also were in favor of the ratification of the audit committee's appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2016, and the compensation paid to the company's named executive officers as disclosed in the 2016 proxy statement.
Thank you. I declare that all 13 nominees for director are elected. The appointment of PricewaterhouseCoopers as the company's independent registered public accounting firm for 2016 is ratified. And the company's executive compensation program is approved all as indicated by the report of the Inspector of Election. As I said earlier today, our vote results are preliminary.
Final detailed numbers will be filed with the SEC in a Form 8 ks in just a few days. That concludes the formal part of the meeting. Now I'd like to talk to you for a moment about how your company is doing. Before I do that, I must warn you that my remarks will include some forward looking statements and that actual results may differ materially. You can find detailed risk factors in our most recent 10 ks and also on Corning's website.
You should also be aware that we use certain non GAAP financial measures and performance indicators to assess Corning's financial and operating performance. You can find a reconciliation between GAAP and non GAAP measures on our website. Now it's my pleasure to report that your company is strong. No question, the macroeconomic environment right now is tough, but Corning is tougher. Despite near term challenges, the company is financially healthy and we are confident in our ability to deliver sustainable growth and continue creating value for our shareholders.
What makes us so confident? 1st, we have a unique set of capabilities that are becoming increasingly relevant to a broad range of industries. 2nd, we are building on a strong foundation. Thanks to more than a decade of outstanding industrial performance. Since 2004, we have grown sales, net income, earnings per share and operating cash flow at close to double digit rates.
We've outperformed our competition on sales and profit growth in our major segments. We have achieved the lowest cost manufacturing position in key businesses. We have created more than $1,500,000,000 in entirely new revenue streams by launching disruptive products, such as Corning Gorilla Glass. And our innovation pipeline is full. But before I turn to our strategy for 2016 and the years ahead, let's briefly review Corning's 2015 performance.
Core sales were $9,800,000,000 Core earnings were close to $1,900,000,000 and core earnings per share were 1.40 dollars The weak global economy and foreign currency fluctuations impacted most of our businesses. However, Corning continues to benefit from its diverse portfolio. Strong results in optical communications help offset challenges in other areas. In particular, we experienced strong demand for fiber to the home and data centers in North America. We also continued our track record of innovation.
Last year, we introduced several new products and advanced key innovation programs. We launched Corning Lotus NXT Glass for high performance displays. The first televisions to feature Corning's iris glass as a light guide plate hit the market. We introduced our Edge 8 solution, a new full connectivity system for data centers. We commercialized flora substrates, which reduce the dangerous emissions that occur during engine startup.
We expanded our drug discovery portfolio with new products to facilitate toxicology studies and to test drug interactions. And the Ford GT became the 1st production vehicle to use Gorilla Glass for an automotive windshield. We supplemented these organic growth opportunities with strategic acquisitions. In optical communications, we strengthened our product portfolio and increased our market access with the addition of TR Manufacturing, IB Wave and Samsung Electronics Fiber Business. We also acquired Gersheimer's Glass Tubing Business and formed an equity venture to capture an opportunity in pharmaceutical packaging that we believe could become a significant new business.
Now just as we periodically add assets that strengthen our position, we also divest or realign assets if someone else has more synergies and we believe we can capture that value for our shareholders with a minimum of friction in transaction costs. In December, we announced our plans to exchange Corning's 50% interest in Dow Corning Corporation for a subsidiary that will hold 40% ownership in Hemlock Semiconductor and $4,800,000,000 in cash. Dow Corning is a terrific business, but its silicone products are outside of our core capabilities and focus. We believe the realignment creates significant value for shareholders. It will be accretive to Corning's earnings per share and our position in Hemlock allows us to capture potential upside from a rebound in the solar market, while also providing important market insight and access for our semiconductor innovation programs.
The $4,800,000,000 is approximately 30 times the equity earnings from Dow Corning's silicones business and we expect the realignment to be essentially tax free. The freedom to redeploy that capital is a tremendous value driver for our shareholders and we'll provide more details when the transaction closes. So despite the fact that sales were lower than we expected at the beginning of the year, we increased our momentum in several key areas. And through it all, we continued to live our values. Corning was issued a record number of U.
S. Patents in 2015. We earned our 3rd consecutive ENERGY STAR Partner of the Year Award for Efficiency Energy Management. And we continue to invest in this community that is both our headquarters and our home. We provided support to the Corning Community Food Pantry for its relocation and renovation.
We helped fund infrastructure improvements at the YMCA. And most importantly, our people contributed more than $1,600,000 to the United Way of the Southern Tier. Turning to 2016, we entered the year knowing that we would continue to face challenges. On Tuesday, we announced 1st quarter results that were down from last year as we expected. However, we are encouraged by the momentum and trends across our businesses and we expect significant sequential growth in the Q2.
Meanwhile, we are generating strong, consistent operating cash, which allows us to reward our shareholders and invest in our future. We expect to deploy more than $20,000,000,000 through 2019. We plan to invest $10,000,000,000 to grow and sustain our leadership. We also plan to distribute more than $10,000,000,000 to our shareholders through annual dividend increases of at least 10% as well as share repurchases, and we are executing on that plan. Since October, we have returned more than $2,000,000,000 to shareholders.
We completed a 1 point $25,000,000,000 accelerated share repurchase in January. We purchased an additional $750,000,000 of outstanding shares during the quarter. And in February, our Board approved a 12.5 percent increase in our dividend to the equivalent of $0.54 per share per year. So we're off to a great start towards our goal of returning more than $10,000,000,000 by 2019. Before I turn to the opportunities ahead, I'd like to take just a moment to acknowledge the management committee that is leading Corning's return to growth and honoring our commitment to our shareholders.
First, it's my pleasure to introduce Larry McCray, who was named Vice Chairman last July. I also want to acknowledge Tony Tripeny, who became Chief Financial Officer in September. We're fortunate to serve alongside 9 other talented and experienced leaders. Will the rest of the management committee please stand? Thank you, guys.
All of us are deeply committed to the long term success of this institution And we are committed to making Corning even stronger for the generations who follow us. Now let's talk about our growth opportunities. Key trends are driving long term growth across today's businesses. And as you saw in the video playing before the meeting, our capabilities are becoming increasingly vital to a broad range of applications. In display technologies, we're leveraging our Fusion assets to drive the next round of display innovations, including thinner devices, sharper images and ubiquitous touch.
In optical communications, we're delivering new connectivity solutions that lower our customers' cost and improve network performance for all of us. In specialty materials, we're building on our leadership position in cover glass by increasing scratch resistance, improving our drop performance, enhancing optical clarity and enabling new form factors for mobile devices. In Environmental Technologies, we're continuing our track record of making the air cleaner by developing particulate filters for gasoline direct injection engines. And in life sciences, we're creating new tools for drug development, production, storage and delivery. We're also leveraging our capabilities to build entirely new businesses.
For example, automakers are looking to make cars lighter, safer and more connected. And we can help. Our Gorilla Glass offers lighter weight for better fuel economy and vehicle handling, toughness and damage resistance to make cars safer, and an optically advantage surface for heads up display. Best of all, we can leverage our existing capabilities and industry relationships to help capture this opportunity. You'll hear more from Marty about this initiative and our other growth opportunities in today's special presentation.
And we look forward to sharing more information on these programs as they develop. I'll close by underscoring our confidence in Corning's ability to deliver sustainable growth and our commitment to creating value for shareholders. We have a proven record of performance. We have a robust innovation portfolio and core capabilities that are becoming increasingly vital. We have a clear understanding of what we are working toward and we always keep our eyes on the prize, not just another 165 years of innovation and independence for Corning, but also a world with cleaner air, more effective medicine, richer entertainment experiences and more efficient communication.
Now I think that that's a world that we all want. We appreciate you being on this journey with us and helping us bring that world to life. Thank you. Now let's return to the final business of the meeting. I hope my remarks address some of the topics that are on your mind.
As I noted earlier, company officers will be available to answer your questions in the lobby following Marty Kern's presentation. However, if you're unable to stay, you can ask your question now. Is there any further business to come before this meeting? If not, I will entertain a motion for adjournment.
I so move.
I'll second that. All in favor, say aye. Aye. So ordered, I declare this meeting adjourned. Thank you again for joining us today and as I said, being on this journey with us.
The directors and I need to lead now to take care of some additional business, But please stay seated for Marty Curran's presentation, which will begin momentarily. Thank you.
Now please welcome Marty Curran, Executive Vice President and Innovation Officer.
Good morning, everyone, and thank you, Wendell. Welcome to everyone here today. As Wendell mentioned, our emerging innovations teams are devoted to building entirely new businesses for Corning from our portfolio of inventions. This is separate from the business operating groups. This group has the mandate to find projects fit our capabilities to bridge the gap between invention and commercialization.
So let's start with a reminder of what Corning does at its core. We invent, make and sell. And I wanted to take you through 2 examples of how we're creating tomorrow's businesses. The first is Corning Pharmaceutical Technologies. It was nurtured and grown in our emerging innovations group.
Like most big ideas, it started by identifying a problem. This one was in the pharmaceutical market, something Corning was uniquely qualified to address. You see glass for many decades has been an ideal packaging material for drugs because it's stable and non porous. We know this market well. That glass was Corning's invention over 100 years ago, Pyrex.
And we've been in the life science vessel game for more than 100 years. Nothing much has changed in glass packaging for many decades. But some of today's new medicines, particularly those in liquid form, have powerful ingredients. Processes for mass produced drugs have changed a great deal. Vessels that were once filled by hand are now part of a high speed automated line and individually molded tubes have given way to long tubes that are cut, sealed for single doses.
And there's a trend towards self administration of drugs. Wouldn't it make sense to have a 21st century glass for those 21st century drugs? All these things have exposed the glass to more extreme environments, increasing risk to patients from contamination and breakage. Regulatory authorities have noticed. In 2011, the FDA issued an advisory to all drug manufacturers on glass quality and it continues to push for higher pharmaceutical manufacturing quality standards and we think Corning can help.
We believe this could become an important new business for Corning and it's a perfect fit for us. It brings in so many of our capabilities. We're applying world class capabilities in glass science, optical physics, vapor deposition, precision forming and extrusion. And we're leveraging our strong customer relationships and about 400 customer facing sales representatives. How big an opportunity could this be?
We don't know for sure, but here's one way to think about it. These type of products make up a $4,000,000,000 market and it's growing at an annual rate of about 6% per year. In addition, the industry spends about another $8,000,000,000 each year just to address issues associated with glass quality. Taken together, that's a $12,000,000,000 opportunity for stronger, safer pharmaceutical glass vessels. Plus, it can improve people's lives, so that reflects our values.
It's definitely worth pursuing. But will we win? We don't know yet. It's too early to tell. And we're not able to share details about our product or customer engagements due to confidentiality agreements, but I can tell you that we're very encouraged by what we're seeing from customer and regulatory pull.
Expect us to come out of stealth mode in the next 12 to 18 months and share more. Another industry where we've introduced an innovation is in automotive. Similar to the drug But we're doing our part to change that because in automotive, there's 3 disruptive opportunities for Corning, cleaner, safer and connected cars. So let's start with cleaner cars. With the widespread push for more efficient and greener cars, we're seeing the adoption of regulation that requires carmakers to double their fuel efficiency over the next 10 years.
Also, electric cars have made headway growing from less than 50,000 in 20.10 to 500,000 last year to an estimated $6,000,000 in 20.24. We've seen the introduction of new lightweighting methods and materials such as aluminum and carbon fiber to improve mileage for vehicles. And we also see the push for safer cars including increased driver protection and technology. Easy to read large displays that support natural integration of augmented reality and self driving features are gaining attention. Finally, the car of the future will be connected, so interactivity will become important for your passenger experience.
So we see these industry disruptions and we study to understand if there is an opportunity to change here and we thought that we could change auto glazing and the fundamental materials used inside of a car. And we concluded that we could do our part to make cars cleaner, safer and connected and we developed a form of Gorilla Glass aimed at the automotive market. Now let's talk about those opportunities. Our first generation glazing product is a laminate consisting of soda lime glass on the outside, a clear adhesive layer and then the Gorilla Glass layer on the inside. These Gorilla Glass laminates, which can be used in any window of an automobile, reduce glass wave by 30% or more at a cost similar to other popular lightweighting methods today.
This bumps up fuel economy and also improves handling because lighter weight on the upper part of the car means the lower center of gravity. So accelerating, cornering, braking, all are better using Gorilla laminate windows. Now Gorilla Glass for auto also increases toughness. Pound per pound, Gorilla is more than 5 times stronger than soda lime glass. And what this allows is a cart construction that can be 30% less in mass and yet still provides 3 times more flexor or bend capability, 13 times greater damage resistant on that inside Gorilla Ply for when you're wiping your windows, 2 times greater impact energy and 2 to 3 times improvement in fracture performance.
That seems tremendously disruptive. Now here's a video showing a projectile coming out of windshield at 120 miles per hour. Both windshields have a soda lime glass layer on the outside, but the upper part has the soda lime glass layer on the inside like your auto today and the bottom has Gorilla on the inside. Notice how on impact in this laminate construction, the Gorilla glass layer prevents the glass spall from coming into the cabin. Imagine if that was you or your family inside of that cabin.
We tremendously reduced the mass and yet at the same time demonstrated toughness. Gorilla's toughness and durability can enable a safer environment for passengers. So here's another way that glass plays a large role in safety and connected experience. Take today's head up display with a standard soda lime glass laminate. We can create a 3 times larger viewing area with dramatically brighter and sharper images using the Gorilla Glass window laminate.
The ghosting, that's the glare that comes at you from nighttime driving can be reduced by 30% and night vision will improve. All this happens in the laminate windshield because Gorilla is so thin and its display surface is so flat and uniform. We think we could co innovate with companies to capture even higher head up display performance. Now that could be important because the forecasts indicate that the number of head up displays are going to move from 3,000,000 to 9,000,000 between 2015 2020. That's a 24% compound annual growth rate.
And the Gorilla Laminate's advantages for head up displays that allow safer driving might even become one of the key value reasons for carmakers to go with the Gorilla Hybrid Windshield. Now let's turn to the inside of the car. Today's predominantly plastic flat and easily scratched interiors can be improved by Gorilla Glass, where you get a beautiful thin surface that's durable 3 d shape and optically advantaged. This enables superior multi touch response with better viewing and communication experiences inside your car. We could even use our durable anti reflective technologies to treat the glass surface because it's really hard to adjust your screen inside the automobile.
And the good news is because Gorilla is so tough, we believe it could do this more economically than traditional approaches with heat formed soda lime glass. So the megatrend support cleaner, safer and connected cars. We looked at participating in these disruptions with our Gorilla Glass for Automotive solution and tried to simultaneously address the opportunities. Now this industry moves slowly and we'll share our progress with you along the way. So first, do we have a value proposition?
The answer is yes. Gorilla laminates and Gorilla Glass for Interior are lightweight, tough and optically advantaged. 2nd, a customer's first use in an auto. In 2014, we introduced our Gorilla Laminate product announcing that BMW's i8 used Gorilla Glass for Auto as an acoustic separation panel and we were awarded their Supplier Innovation Award. That was the first use of Gorilla Laminate inside of a car.
Next, a customer's use of Gorilla in an auto window. In December, we announced that Ford will use Corning Gorilla Glass in the iconic Ford GT. Sometimes it's best to hear from our customers themselves. By partnering with Corning, we actually did a multilayer glass system. It's 3 layers conventional glass on
the outside and Gorilla Glass on the inside, which actually gives us a lot of strength at much lower weight. It's really a great example of how we collaborate with suppliers to bring new technologies and innovations
to the market. Ford will be the 1st automaker to put Gorilla Glass in production. We chose
the Ford GT because it's really the epitome of the latest Ford innovation. It's a showcase for us in terms of new technologies, new innovative solutions and it's so performance oriented. We thought it was the perfect execution to demonstrate the power of Gorilla Glass. We're going to save £12 on that vehicle. That weight savings translates into better performance, acceleration, handling, braking, so a lot of benefits for that performance oriented product.
One of the things we want to do with Ford GT is showcase these new technologies and our hope is then to prove out the technical execution, the production and manufacturing feasibility that eventually we could explore on future products.
That's a Ford video, not a Corning video. Next, we want to scale our supply chain. In January, we announced the joint venture with Senkoband Securab to develop, manufacture and sell lightweight automotive glazing solutions. Cancoban is a leading global producer of automotive windows. Corning will continue to produce and market Gorilla Glass to this JV and other glazers and retain 100% ownership of the Gorilla Glass business.
This venture allows us to move forward in the value chain beyond glass to manufacture and sell auto window solutions with a leading global producer as partner. And this provides a low cost path for us to scale Gorilla Glass Glazing Solutions Worldwide. So the supply chain will be ready. Next, we made progress in introducing Gorilla Glass in auto interiors, making headlines at the 2016 Consumer Electronics Show and again at the North American International Auto Show, where 1 rider named Gorilla Glass the number 2 coolest display. We placed Gorilla Glass for auto in multiple interior designs and we're rolling out our new value proposition as we speak.
For the future, we'll tell you when we get our interior design ins, window designs for additional high end models and especially when we place windows in everyday model automobiles. Since OEMs are secretive, it will take some time to announce, but we will keep you posted. So what could all of this mean for us and how should we think about it? Well, we know that the glazing market today is about 6,000,000,000 square feet of glass. But the auto interior is an embryonic market.
It has virtually no glass inside right now. So we looked at multiple concept cars to see what they tell us about the future, figuring those folks have a right to an opinion. We don't know if it's right, but we figured we would take a look. We measured the window glass in these concept cars, which were mainly laminates. Assuming only 1 piece of technical glass, that's the gorilla on the inside, it measured about 50 square feet.
On auto interior, we measured on the inside of the concept cars, the amount and the size of the displays by coincidence, it too is about 50 square feet. Now let's just do some simple math. 100,000,000 cars, that's the 2020 expectation. 100 square feet of glass, that's 10,000,000,000 square feet. To give you some perspective, that's about 2 times today's display glass market with a price that will be about the same as display glass.
We don't know if that will happen, but it's something worth going after. In our collaborations in this industry, Corning does what we do best. We apply expertise in glass and material science and we help the industry leaders solve tough challenges, unleash their capabilities and most importantly of all, enhance their customers' experiences.
So to sum
up, Corning got started in automotive because of the disruption from the
Clear
customer relations and high returns. We're now going to leverage that platform to reduce our cost of innovation while increasing the probability of success to address a whole new set of disruptions in cleaner, safer and connected cars. So that's a glimpse into 2 of our exciting new business opportunities. I hope you've seen a pattern here. We look for needs in the market and then we look for ways to apply our capabilities to those opportunities.
Applying Corning's capabilities and existing market platforms allows us to have a lower cost of innovation. And in the process, we create disruptive life changing solutions. We'll keep identifying new challenges where the opportunities match well with our strengths. And there's really no end in sight because our vision is limitless. We're proud to be part of some of the most spectacular innovations shaping the world today, and we're grateful for your confidence as we keep bringing these innovations to life.
Now, as you exit the meeting today, our staff will give you a packet with the Chamber of Commerce gift card along with a list of establishments where it's accepted. You'll also receive a gift certificate that you could put towards the purchase of Masterpix glass print on Corning's Gorilla Glass. This was one of an intern helped us with this last year. We launched a little business where you can upload your pictures for some of your cherished moments and be able to have the picture in your home and have another piece of Gorilla Glass besides your mobile phone. So thank you everybody and have a great day.