Corning Announces $300 Million Research and Development Facility Investment
26 Abril 2007 - 9:00AM
Business Wire
Corning Incorporated (NYSE:GLW) announced today that its Board of
Directors has approved a $300 million facility improvement plan for
the company�s Sullivan Park Research and Development campus near
Corning, N.Y. This plan is consistent with the company�s goals for
growth through innovation from a broadened portfolio of research
and development opportunities. The expansion plan at Corning�s
world-leading research center includes significant renovation of an
existing research and development building and construction of a
new facility. Results are expected to include increased operational
efficiency, flexibility, space utilization and energy efficiency.
All phases of this project are expected to be completed by 2013,
with expenditures phased over the course of this six-year period.
�We have set some aggressive goals for accelerated innovation at
Corning, including an anticipated doubling of
new-business-generating technologies per decade. Ensuring that we
have modern, flexible laboratory space conducive to the development
of a healthy pipeline of innovative technologies across diverse
fields is critical to our success,� said Dr. Joseph A. Miller,
executive vice president and chief technology officer. Corning�s
deep knowledge in materials science and process engineering has
been focused on high-technology system components for consumer
electronics, mobile emissions control, telecommunications and life
sciences. �Reaching beyond these near-term growth areas, we have
multiple emerging technologies that have the potential to provide
Corning with its next wave of growth,� Miller noted. A few of these
promising technologies in early-stage development at Corning
include: microreactors for the manufacture of high-value specialty,
fine, and pharmaceutical chemicals; silicon-on-glass technology,
which is focused on enabling display glass to be transformed into
an �engineered substrate� for advanced electronic applications; and
synthetic green lasers to enable ultra-compact and ultra-efficient
projection capabilities for mobile consumer electronic devices.
�Next year will mark the 100th anniversary of research and
development at Corning,� Wendell P. Weeks, chief executive officer,
added. �As we celebrate a century of achievements made possible
through a sustained commitment to research, we embrace the
challenges ahead. We will continue to make the necessary
investments in research and development that will lead to the next
generations of growth and long-term success at Corning.� Assistance
for this expansion project has been offered by the Empire State
Development Corporation, the New York State Energy Research and
Development Authority, and the New York State Department of
Transportation in the forms of: a $1.5 million capital grant; up to
$1.5 million in project funding; and up to $750,000 in Industrial
Access Program funding, respectively. The Industrial Access Program
funding is to be applied for by the town or county. About Corning
Incorporated Corning Incorporated (www.corning.com) is the world
leader in specialty glass and ceramics. Drawing on more than 150
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. Forward-Looking and Cautionary Statements
This press release contains forward-looking statements that involve
a variety of business risks and other uncertainties that could
cause actual results to differ materially. These risks and
uncertainties include the possibility of changes or fluctuations in
global economic and political conditions; tariffs, import duties
and currency fluctuations; product demand and industry capacity;
competitive products and pricing; manufacturing efficiencies; cost
reductions; availability and costs of critical components and
materials; new product development and commercialization; order
activity and demand from major customers; capital spending by
larger customers in the liquid crystal display industry and other
businesses; changes in the mix of sales between premium and
non-premium products; facility expansions and new plant start-up
costs; possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability or major
health concerns; ability to obtain financing and capital on
commercially reasonable terms; adequacy and availability of
insurance; capital resource and cash flow activities; capital
spending; equity company activities; interest costs; 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; changes in key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors are
identified 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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