YASTEST
Newton, N.C., facility will employ more than 200
people;
help meet growing demand for
bandwidth
CORNING, N.Y.; JANUARY 26, 2018 - Corning
Incorporated (NYSE: GLW) today formally opened a new cable
manufacturing facility in Newton, North Carolina, in the latest
expansion of its Optical Communications business to meet growing
worldwide demand for its optical fiber and cable.
The facility, which will employ more than 200
people, is part of Corning's previously announced plan to invest
more than $250 million in its optical fiber, cable, and solutions
manufacturing facilities. In North Carolina, Corning is expanding
its fiber manufacturing facility near Concord and its cable
facilities in Winston-Salem and Hickory, in addition to opening the
Newton plant.
By adding manufacturing capacity, Corning will
help ensure reliable supply for its customers as it addresses
growing demand for optical fiber and cable. The demand stems from
the worldwide growth in bandwidth requirements as the number of
connected devices increases dramatically.
"Network operators around the world are challenged
to meet exploding demand for high-speed connectivity and data
storage," said Clark S. Kinlin, executive vice president, Corning
Optical Communications. "We are adding this cable capacity to help
ensure reliable supply of the world's highest performing optical
cable in a growing market. This world-class facility was
commissioned in record time, a feat that would not have been
possible without our long-serving Catawba County employees, or the
support of state and local leaders here in North Carolina."
Corning celebrated the opening of the new plant
with a ribbon-cutting attended by local officials.
"Catawba County is proud of our long and
productive association with Corning, one of the world's technology
leaders," said C. Randall Isenhower, chairman of the Catawba Board
of County Commissioners. "We're delighted that Corning is building
on the success of its Hickory cable plant with this new facility in
Newton, adding hundreds of high-quality advanced manufacturing jobs
to the local economy."
"Corning and the local community are turning a new
page together, and it's good news for all of us," said Anne P.
Stedman, mayor of Newton. "Next time you stream a video on your
mobile phone, remember that it's made possible by Corning
technology - and Corning workers here in our community."
Corning invented the first low-loss optical fiber
in 1970, which helped launch the age of optical communications and
ultimately transformed the way the world creates, shares, and
consumes information. Since that time, Corning has delivered more
than 1 billion kilometers of optical fiber for networks across the
globe.
Corning's investments in manufacturing flow from
its plan to maintain its market-leading position and achieve its
goal of $5 billion in Optical Communications annual sales by
2020.
For background on Corning and the expansion
announced today, visit our media resource center.
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.
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 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, 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.
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:
Justin Nicolette
(828)
901-6994
nicolettj@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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This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
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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