Corning Incorporated (NYSE: GLW) today announced it
will receive $103.8 million in additional funding
from the U.S. Department of Health and Human Services’
Biomedical Advanced Research and Development Authority (BARDA) in
partnership with the Department of Defense’s Joint Program
Executive Office for Chemical, Biological, Radiological and Nuclear
Defense and Army Contracting Command (JPEO-CBRND). The funding will
support Corning’s planned manufacturing expansion of advanced,
high-quality pharmaceutical glass tubing and vials, helping the
health care industry rapidly scale manufacturing to address current
and future public health challenges.
“Corning’s pharmaceutical glass packaging has played a critical
role in ensuring the safe and on-time delivery of critical
medications,” said Brendan Mosher, vice president and
general manager, Corning Pharmaceutical Technologies. “Our
Valor® Glass and Velocity® Vials are some of the strongest, fastest
to fill, and highest-quality pharmaceutical glass vials available.
Our products play a critical role in helping to protect patients by
improving glass quality, lowering the risk of contamination, and
helping to accelerate the delivery of lifesaving treatments.”
Through this planned investment in Corning’s pharmaceutical
glass manufacturing capacity, the U.S. government will
strengthen the domestic pharmaceutical supply chain by
directly addressing manufacturing efficiency
constraints. Under the new agreement funded by BARDA, Corning
will continue to expand pharmaceutical
tubing manufacturing capacity in Vineland, New Jersey,
and vial manufacturing capacity in Durham, North Carolina.
Caution Concerning Forward-Looking
StatementsThe statements contained in this release that
are not historical facts or information and contain words such as
“will,” “believe,” “anticipate,” “expect,” “intend,” “plan,”
“seek,” “see,” “would,” and “target” and similar expressions are
forward-looking statements. These forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and include estimates and
assumptions related to economic, competitive and legislative
developments. Such statements relate to future events that by their
nature address matters that are, to different degrees, uncertain.
These estimates are subject to change and uncertainty which are, in
many instances, beyond our control. There can be no assurance that
future developments will be in accordance with management’s
expectations. Actual results could differ materially from those
expected by us, depending on the outcome of various factors. We do
not undertake to update forward-looking statements.
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. 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,
personnel, operations, our global supply chains and stock price;
global economic trends, competition and geopolitical risks, or an
escalation of sanctions, tariffs or other trade tensions, and
related impacts on our businesses' global supply chains and
strategies; changes in macroeconomic and market conditions, market
volatility, interest rates, capital markets, the value of
securities and other financial assets, precious metals, oil,
natural gas and other commodities and exchange rates (particularly
between the U.S. dollar and the Japanese yen, new Taiwan dollar,
euro, Chinese yuan and South Korean won), consumer demand, and the
impact of such changes and volatility on our financial position and
businesses; product demand and industry capacity; competitive
products and pricing; availability and costs of critical
components, materials, equipment, natural resources and utilities;
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; disruption to Corning's, our
suppliers' and manufacturers' supply chain, logistics, equipment,
facilities, IT systems, operations or commercial activities due to
terrorist activity, cyber-attack, armed conflict, political or
financial instability, natural disasters, international trade
disputes or major health concerns; loss of intellectual property
due to theft, cyber-attack, or disruption to our information
technology infrastructure; effects of acquisitions, dispositions
and other similar transactions; effect of regulatory and legal
developments; ability to pace capital spending to anticipated
levels of customer demand; our ability to increase margins through
implementation of operational changes, pricing actions and cost
reduction measures without impacting revenues; rate of technology
change; ability to enforce patents and protect intellectual
property and trade secrets; adverse litigation; product and
components performance issues; attraction and 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, regulations and international tax
standards; 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.
Web DisclosureIn 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 IncorporatedCorning
(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, solar, semiconductors, and life sciences.
Media Relations Contact:
Gabrielle
Bailey
(607)
974-6394
baileygr@corning.com
Brandon Saylor (607)
248-1802saylorbr@corning.com
Investor Relations Contact: Ann H.S. Nicholson
(607) 974-6716 nicholsoas@corning.com
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