Corning Adding Jobs to Manufacture New Valor Glass in New York
November 29 2017 - 12:00PM
YASTEST
State supports development of innovative glass
pharmaceutical packaging
CORNING, N.Y.; NOVEMBER 29, 2017 - Corning
Incorporated (NYSE: GLW) today announced an investment in Corning
Valor (TM) Glass that will create 185 new jobs and support more
than 380 jobs overall in the Southern Tier of New York.
The new jobs will be located at the Corning
Innovation Support Center (CISC) in Big Flats and at Corning's
Research and Development Facility at Sullivan Park in Erwin. Gov.
Andrew Cuomo announced Corning's investment during a visit at
Sullivan Park hosted by Wendell P. Weeks, Corning chairman, chief
executive officer, and president.
"Corning has been a beacon of enterprise and
innovation for decades, and this new expansion builds on our
efforts to spur development and job growth for the Southern Tier,"
Gov. Cuomo said. "By working with local leaders and the Regional
Economic Development Council, our strategic Southern Tier Soaring
plan is putting the region on the right track and giving Corning
the tools and confidence to grow and expand their world-class
products in the region."
Corning has been awarded incentives from Empire
State Development, New York State's chief economic development
agency, in the form of a $6 million capital grant through the
Upstate Revitalization Initiative to purchase manufacturing
equipment and make infrastructure improvements; and tax credits
through the Excelsior program.
"Valor Glass was invented right here in the
Southern Tier so it is only fitting our first significant
manufacturing operation be located here," Weeks said. "Thanks to
the Southern Tier strategic plan and Governor Cuomo's ongoing
investment in this region through initiatives like the Upstate
Revitalization Funding program, I believe the future of our
community is brighter than ever."
Developing and manufacturing Valor Glass in the
Southern Tier is part of Corning's plan announced in July to invest
$500 million and create 1,000 new U.S. jobs. To further support the
production and delivery of Valor Glass, Corning will also add jobs
in the future at an existing facility in Vineland, New Jersey, and
at a location in the Southeast United States.
Valor Glass dramatically reduces particle
contamination, breaks and cracks while significantly increasing
throughput. As a result, Valor helps protect patients and improves
pharmaceutical manufacturing.
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Forward-Looking and Cautionary
Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
Digital Media
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 intends to
use its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors. 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.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science, with a 166-year track record of life-changing
inventions. Corning applies its unparalleled expertise in glass
science, ceramic science, and optical physics along with its deep
manufacturing and engineering capabilities to develop
category-defining products that transform industries and enhance
people's lives. Corning succeeds through sustained investment in
RD&E, a unique combination of material and process innovation,
and deep, trust-based relationships with customers who are global
leaders in their industries.
Corning's capabilities are versatile and synergistic, which allows
the company to evolve to meet changing market needs, while also
helping our customers capture new opportunities in dynamic
industries. Today, Corning's markets include optical
communications, mobile consumer electronics, display technology,
automotive, and life sciences vessels. Corning's industry-leading
products include damage-resistant cover glass for mobile devices;
precision glass for advanced displays; optical fiber, wireless
technologies, and connectivity solutions for state-of-the-art
communications networks; trusted products to accelerate drug
discovery and delivery; and clean-air technologies for cars and
trucks.
Media Relations
Contacts:
Lee
Bansil
(607)
974-7341
bansill@corning.com
Joe
Dunning
(607)
974-5006
dunningjm@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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