Corning Incorporated (NYSE: GLW) today announced an investment in Corning Valor ™ Glass that will create 185 new jobs and support more than 380 jobs overall in the Southern Tier of New York.
The new jobs will be located at the Corning Innovation Support Center (CISC) in Big Flats and at Corning’s Research and Development Facility at Sullivan Park in Erwin. Gov. Andrew Cuomo announced Corning’s investment during a visit at Sullivan Park hosted by Wendell P. Weeks, Corning chairman, chief executive officer, and president.
“Corning has been a beacon of enterprise and innovation for decades, and this new expansion builds on our efforts to spur development and job growth for the Southern Tier,” Gov. Cuomo said. “By working with local leaders and the Regional Economic Development Council, our strategic Southern Tier Soaring plan is putting the region on the right track and giving Corning the tools and confidence to grow and expand their world-class products in the region.”
Corning has been awarded incentives from Empire State Development, New York State’s chief economic development agency, in the form of a $6 million capital grant through the Upstate Revitalization Initiative to purchase manufacturing equipment and make infrastructure improvements; and tax credits through the Excelsior program.
“Valor Glass was invented right here in the Southern Tier so it is only fitting our first significant manufacturing operation be located here,” Weeks said. “Thanks to the Southern Tier strategic plan and Governor Cuomo’s ongoing investment in this region through initiatives like the Upstate Revitalization Funding program, I believe the future of our community is brighter than ever.”
Developing and manufacturing Valor Glass in the Southern Tier is part of Corning’s plan announced in July to invest $500 million and create 1,000 new U.S. jobs. To further support the production and delivery of Valor Glass, Corning will also add jobs in the future at an existing facility in Vineland, New Jersey, and at a location in the Southeast United States.
Valor Glass dramatically reduces particle contamination, breaks and cracks while significantly increasing throughput. As a result, Valor helps protect patients and improves pharmaceutical manufacturing.
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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.