"More than a decade of outstanding industrial performance has given us a strong foundation on which to build," Wendell P. Weeks told investors at the company’s Annual Investor Day in New York on February 5, 2016.
Looking ahead, he said: "Our overall mandate is simple: we will focus our portfolio and utilize our financial strength."
Weeks explained that Corning expects to generate more than $20 billion through 2019. The company plans to invest $10 billion to grow and sustain its leadership, while also distributing more than $10 billion to shareholders. Weeks noted key actions including the recently completed $1.25 billion accelerated share repurchase and the 12.5% dividend increase as evidence that Corning was executing on that plan.
He then went on to describe Corning’s plans to focus its portfolio. "The core of what Corning does is invent, make, and sell. We create value by inventing category-defining products, using transformative manufacturing platforms, and building strong, trust-based relationships with customers who are leaders in their industries," explained Weeks. "Now we’re seeking to augment that value-creation through a more focused and cohesive portfolio that improves our probability of success, reduces the cost of innovation, and increases the barriers to entry."