Corning Incorporated (NYSE: GLW) today announced it is expanding its longtime collaboration with AT&T (NYSE: T). The two companies will work together to extend investments in fiber infrastructure, expand U.S. broadband networks, and accelerate 5G deployment. Based on AT&T’s long-term commitment to its network buildout, Corning is investing $150 million in optical cable manufacturing in North Carolina, initially adding 200 jobs.
This announcement is the latest example of how Corning is driving transformation across its markets through its leadership in glass and ceramic science, optical physics, and its proprietary manufacturing platforms. Corning’s value creation model enables the invention of breakthrough products, while leveraging an existing, scalable footprint. When demand exceeds capacity, Corning captures new growth opportunities through strategic investments in innovation and technology – de-risking these investments with strong customer commitments.
AT&T has previously announced plans to significantly expand its fiber footprint. Today’s announcement spotlights AT&T’s commitment to meet that objective while supporting American manufacturing jobs.
“We see expansion of our fiber infrastructure as central to the growth of our broadband reach, for consumers as well as business customers,” said Mo Katibeh, senior vice president, AT&T Network Infrastructure & Build. “By extending our collaboration with Corning, we’ll create American jobs through manufacturing investments, and also through the economic benefits that broadband brings to our communities.”
“The need for ubiquitous connectivity has pushed demand on networks to record levels, and Corning is strategically investing to support network buildouts,” said Michael A. Bell, senior vice president and general manager, Corning Optical Communications. “This capacity expansion in particular supports the growth plans of AT&T, who we’ve valued for more than three decades. We’re turning once again to the highly skilled local workforce in North Carolina to help us meet the demand. We deeply appreciate the support of local and state officials, particularly Governor Roy Cooper, Commerce Secretary Machelle Baker Sanders, and state lawmakers.”
“As we celebrate Manufacturing Week in our state, it’s exciting to see a global manufacturer like Corning expand yet again in a great rural county like Catawba,” said Governor Roy Cooper. “Corning understands North Carolina’s strengths as a business location, thanks to their firsthand experience with our skilled workforce, customized training programs, and great quality of life.”
The manufacturing capacity extends Corning’s market leadership as demand for network infrastructure continues to exceed industry forecasts. Government investments in broadband, now moving through the U.S. Congress and various states, are expected to further fuel the demand.
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Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business, and key performance indicators that impact the Company, actual results could differ materially. The Company does not undertake to update forward-looking statements. Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: the duration and severity of the COVID-19 pandemic, and its impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions; global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, new Taiwan dollar, euro, Chinese yuan and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; unanticipated disruption to our supply chain, equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws and regulations; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning’s SEC filings.
For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.
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 uses its website (https://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, or supplemental to information contained in this or other press releases. 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, with a 170-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 its customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, and life sciences.