NEW YORK, April 18, 2017 /PRNewswire/ -- Verizon
Communications Inc. (NYSE, Nasdaq: VZ) today announced a three-year
minimum purchase agreement with Corning Incorporated (NYSE: GLW) to
provide fiber optic cable and associated hardware for Verizon to
ensure critical coverage and capacity for its nationwide wireless
broadband network.
The agreement calls for Corning to provide and Verizon to
purchase up to 20 million kilometers (12.4 million miles) of
optical fiber each year from 2018 through 2020, with a minimum
purchase commitment of $1.05
billion.
Verizon has been reinventing its network architecture around a
next-generation fiber platform that will support all of the
company's businesses. This new architecture is designed to improve
Verizon's 4G LTE coverage, speed the deployment of 5G, and deliver
high-speed broadband to homes and businesses of all sizes.
Roger Gurnani, Verizon's chief
information and technology architect, commented, "Corning's unique
combination of capabilities delivers solutions that provide us with
performance and cost advantages as we continue to expand our
network coverage and capacity."
In an initial deployment, Verizon launched One Fiber in
Boston in 2016 and plans to invest
$300 million over six years to deploy
it throughout the city.
Viju Menon, Verizon's chief
supply chain officer, said: "Our plans identified a shortfall in
fiber supply, and Verizon has been working with business teams to
forecast demand and fill supply gaps with existing suppliers.
Securing the required volume of optical fiber and hardware
solutions with Corning will ensure we meet our planned rollout
schedules."
Clark Kinlin, executive vice
president, Corning Incorporated, said: "We are pleased that Verizon
recognizes the value of Corning's innovative solutions in deploying
next-generation converged optical infrastructure, such as One
Fiber, more quickly and cost effectively. Verizon's purchase
commitment supports necessary capacity investments across our
manufacturing footprint."
Over the past several months, Corning has announced plans
to expand capacity and to invest more than $250 million in its optical fiber, cable and
solutions manufacturing facilities to help meet the demand of its
global carrier and enterprise customers. Corning expects these
capacity expansions to begin to come online in 2017 and become
fully operational in 2018.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in
New York City, has a diverse
workforce of 160,900 and generated nearly $126 billion in 2016 revenues. Verizon operates
America's most reliable wireless network, with 114.2 million retail
connections nationwide. The company also provides communications
and entertainment services over mobile broadband and the nation's
premier all-fiber network, and delivers integrated business
solutions to customers worldwide.
VERIZON'S ONLINE NEWS CENTER: News releases, feature stories,
executive biographies and media contacts are available at Verizon's
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www.verizon.com/about/rss-feeds/.
Media contacts:
Bob
Varettoni, Verizon
908-559-6388
robert.a.varettoni@verizon.com
M. Elizabeth Dann, Corning
607-974-4989
dannme@corning.com
Related Links
http://www.verizon.com/
https://www.verizonwireless.com/
http://www.verizonenterprise.com/
http://www.verizon.com/about/
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SOURCE Verizon