Multi-year Facility Plan Supports Strategy to Double Rate of Innovation
CORNING, N.Y., April 29 /Xinhua-PRNewswire/ -- Corning Incorporated (NYSE: GLW) announced April 26 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.
(Logo: http://www.prnasia.com/sa/200612081746.jpg )
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 ( http://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.
