(Yicai Global) Jan. 12 -- Shaanxi-headquartered Liquid Crystal Display maker IRICO Display Devices [SHA:600707] will establish a joint venture with American glass manufacturer Corning Inc.[NYSE:GLW] to build a large LCD substrate production and processing line.

IRICO Display Devices and Corning's subsidiary in Singapore will establish and operate the joint venture in Xianyang, in Northwest China's Shaanxi province, IRICO Display Devices announced today. The subsidiary is an investment platform for the Chinese market. The joint venture will have registered capital of USD20 million, and IRICO and Corning will hold a 51 percent and 49 percent stake each in the joint venture.

The joint venture will invest USD60 million to build a large LCD processing line, which is expected to activate in August 2018.

Based in the US state of New York, Corning is one of the world's leading glass and ceramics manufacturers, with an over 166-year track record. It has invested more than USD3 billion in China since its entry in 1990. IRICO is one of China's largest TV LCD manufacturers and its production lines have introduced leading technologies from Japan's Toshiba Corp. [TYO:6502].