Corning Incorporated (NYSE: GLW) announced today that it is
expanding manufacturing capacity for optical cable, based on a
long-term relationship with AT&T (NYSE: T), the nation’s
largest fiber internet provider1
, as the
carrier expands its fiber service. Corning will build a new cable
manufacturing facility in Gilbert, Arizona, located in the Greater
Phoenix region, adding approximately 250 jobs and extending
Corning's strategic investments in optical fiber, cable, and
connectivity solutions to meet record demand.
The new facility is Corning’s latest in a series of investments
in fiber and cable manufacturing totaling more than $500 million
since 2020. These investments, supported by customer commitments,
nearly double Corning's ability to serve the U.S. cable market and
connect more people and communities. Public and private investments
in broadband, 5G, and the cloud are accelerating a large,
multi-year wave of growth for fiber-based networks – and Corning,
as the world leader in passive optical communications, is uniquely
positioned to support these network builds.
The Arizona facility, expected to open in 2024, will be the
industry’s western-most U.S. manufacturing site for optical cable –
allowing Corning to serve growing demand in the western U.S. and
Canada.
“This investment is a significant step forward for our country
and building world-class broadband networks that will help narrow
the nation’s digital divide,” said AT&T Chief Executive Officer
John Stankey. “This new facility will provide additional optical
cable capacity to meet the record demand the industry is seeing for
fast, reliable connectivity. We are also working with Corning to
create training programs to equip the next generation of
technicians with the skills to build the networks that will expand
high-speed internet access to millions of Americans.”
Separately, AT&T announced today that it is deploying
fiber internet service to the Mesa, Arizona, area, with service
expected to be available to Mesa residents in 2023.
U.S. Commerce Secretary Gina Raimondo, whose agency is
spearheading the national “Internet for All” initiative, will join
today’s announcement at Mesa Community College. Corning and
AT&T are supporting the White House’s Talent Pipeline
Challenge, a program to help employers build training partnerships
that connect American workers to jobs rebuilding infrastructure,
supply chains, and manufacturing. Corning and AT&T have created
a program to train fiber optic technicians across the industry.
To build and deploy these networks, the industry will need
another 850,000 workers through 2025. Corning and AT&T created
the Fiber Optic Training Program, focused on equipping thousands of
technicians with the skills critical to designing, installing, and
maintaining a growing fiber network. The initial class is currently
underway in North Carolina, and the program aims to train 50,000
American workers over the next five years.
“We believe access to broadband means access to opportunity –
from education to healthcare to quality of life,” said Corning
Chairman and Chief Executive Officer Wendell P. Weeks. “Corning is
doing our part to make sure everyone – regardless of where they
live – has access to reliable, high-speed connections enabled by
optical fiber. We are proud to continue partnering with AT&T
and to expand U.S. manufacturing capacity and train the next
generation of American workers – and we’re grateful for the
opportunity to work with our customers and with the U.S. government
to make this a reality.”
Visual assets are available on our media resource
center.[1] Based on the number of fiber to the home households
using publicly available data.
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: Megan
Whittemore (202)
661-4171 whittemom@corning.com
John Arwood (828) 320-3249arwoodjm@corning.com
Investor
Relations Contact:Ann H.S. Nicholson (607) 974-6716
nicholsoas@corning.com
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