Corning Incorporated (NYSE:GLW) today hosted an inauguration ceremony for its new optical fiber manufacturing facility in India. Located in Chakan, near Pune, in the Maharashtra Industrial Development Corporation (MIDC) Phase II industrial park, the plant is the company’s first manufacturing facility in India.
“The establishment of our newest optical fiber plant in India confirms our commitment to our customers in India and to the future of the Indian telecommunications market. Corning recognizes that India is focused on building out its telecommunications networks and providing high-speed bandwidth to its people. As an industry leader in optical fiber, cable, and connectivity solutions, Corning’s technology can play a key role in helping the Indian government achieve this objective,” said Stephen Miller, vice president and general manager of Corning optical fiber and cable.
Chief Minister Shri Prithviraj Chavan said, “We are thankful to Corning for choosing and bringing in their investments into Maharashtra. This manufacturing facility is not only an important milestone for Corning, but also for the state, as this is the first mega-project to have been set up in less than a year. This shows that Maharashtra continues to be one of the most investor-friendly states in India. We warmly welcome Corning to Maharashtra and wish them all the very best.”
Corning officials noted that the rapid construction of its optical fiber plant in Pune was made possible due to support from the MIDC, Maharashtra Pollution Control Board, local authorities in the Pune region, and the government of Maharashtra.
“I want to extend our sincere gratitude to the municipalities and authorities that we had the opportunity to work with throughout this process. This celebration is an opportunity for us to thank the state for the investor-friendly environment it has created, and to showcase the fruits of its labor right here in Chakan. It is also an opportunity for us to share with our customers, the cutting-edge manufacturing processes that we use to make Corning optical fiber,” said Rustom Desai, managing director, Corning India and Telecommunications Operations.
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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.