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.
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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.