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Corning Announces Expansion of its Optical Fiber Manufacturing Facility in China

2007-07-18 18:30 2689

CORNING, N.Y., July 19 /Xinhua-PRNewswire/ -- Corning Incorporated (NYSE:GLW) on July 18 announced plans to expand its optical fiber manufacturing facility in China. The decision is based on continued growth in the China optical fiber market.

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“The optical fiber market in China is expected to more than double in annual volume this decade driven by increasing need for the widespread deployment of high-speed, broadband optical communications networks,” said Martin J. Curran, senior vice president and general manager, Corning Optical Fiber. “The expansion of our Shanghai facility will ensure that we have adequate capacity to meet this opportunity and maintain our strong position in the China optical fiber market.”

“For more than 20 years, as China's communications infrastructure evolved to fiber-optic networks, Corning has played an important role and provided technologically advanced optical fiber as the foundation of a large percentage of China's nationwide communications backbone,” said Eric S. Musser, chief executive officer, Corning Greater China. “Today we are announcing another significant milestone which further strengthens Corning’s commitment to produce the highest-quality optical fiber in this region.”

The expansion of Corning’s Shanghai optical fiber manufacturing facility will begin immediately and is expected to be completed in 2009. Corning also manufactures optical fiber in Wilmington, N.C., the world’s largest optical fiber plant. The company also recently announced plans to partially open its optical fiber plant in Concord, N.C., due to continued growth of the worldwide optical fiber market.

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. For more about Corning’s innovative optical fiber solutions, visit http://www.corning.com/opticalfiber .

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 in global economic and political conditions; currency fluctuations; product demand and industry capacity; competition; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; changes in the mix of sales between premium and non-premium products; new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability or major health concerns; adequacy of insurance; equity company activities; 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; stock price fluctuations; and adverse litigation or regulatory developments. Additional 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.

Source: Corning Incorporated
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