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.
Caution Concerning Forward-Looking
Statements
The 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. 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.
Web Disclosure
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.
Media Relations
Contact: Gabrielle
R. Bailey
(607)
974-6394
baileygr@corning.com
John Arwood
(828)
320-3249
arwoodjm@corning.com
Investor Relations Contact:Ann H.S. Nicholson
(607) 974-6716 nicholsoas@corning.com
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