Corning Incorporated (NYSE: GLW) today announced plans to relocate the global headquarters of its $2.7 billion Optical Communications business to northwest suburban Charlotte, N.C.
The investment in a new state-of-the-art facility is designed to support long-term growth and strengthen the business’ global competitive position.
The new location will provide:
- Centralized access to Corning’s multiple facilities across North Carolina.
- Advantaged access to transportation for customers, suppliers, business partners, and thousands of employees.
- Increased access to the specialized talent needed to support future growth into new areas and technologies.
“Corning's plan to locate the headquarters for Optical Communications in Mecklenburg County builds on our 40-plus-year relationship with North Carolina,” said Clark Kinlin, executive vice president of Corning Optical Communications. “This decision is further evidence of our confidence in our growing $2.7 billion business, and North Carolina as a world-class location for a technology company.”
Corning Optical Communications is a world-leading provider of optical solutions with more than 30 locations and 17,000 employees worldwide. The business employs more than 3,000 people across five locations in North Carolina, including two of the world’s largest fiber manufacturing facilities in Concord and Wilmington and two of the world’s largest fiber cabling facilities in Winston-Salem and Hickory.
“We remain deeply committed to Hickory. Our major operations and approximately two-thirds of our employees will remain here,” Kinlin added. “We will continue our tradition of support for the Catawba County United Way, STEM initiatives, and other educational and social endeavors. We will also provide comprehensive support to our Hickory-based headquarters team to ensure a smooth transition to our new facility.”
The location of the new facility is in the final stages of negotiation. Construction is expected to start in the second half of 2016 and take 24 months to complete.
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. For more than 160 years, Corning has applied its unparalleled expertise in specialty glass, ceramics, and optical physics to develop products that have created new industries and transformed people’s lives. Corning succeeds through sustained investment in R&D, a unique combination of material and process innovation, and close collaboration with customers to solve tough technology challenges. Corning’s businesses and markets are constantly evolving. Today, Corning’s products enable diverse industries such as consumer electronics, telecommunications, transportation, and life sciences. They include damage-resistant cover glass for smartphones and tablets; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for high-speed communications networks; trusted products that accelerate drug discovery and manufacturing; and emissions-control products for cars, trucks, and off-road vehicles.