Governor Applauds Commitment to Continued Investment in New York
CORNING, N.Y., Nov. 14 /Xinhua-PRNewswire/ -- Corning Incorporated (NYSE: GLW) broke ground on Nov 13, 2007 on a previously announced $300 million facility improvement plan for the company's Sullivan Park Research and Development campus near Corning, N.Y. New York Governor Eliot Spitzer helped lead the ceremonial groundbreaking, along with Corning leadership, employees and invited dignitaries.
(Logo: http://www.prnasia.com/sa/200708141205-min.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.
Corning Chairman and Chief Executive Officer Wendell P. Weeks set the stage as he spoke to Corning's long history of successful innovation. Next year marks 100 years of dedicated research at Corning -- an achievement that only five U.S. companies can claim. "Today's groundbreaking represents an important milestone in our continuing commitment to excellence in research and development, and to the southern tier of New York State," Weeks said.
Weeks traced Corning's history of research breakthroughs from developing the glass envelope to commercialize Thomas Edison's electric light bulb, to cathode ray tubes that enabled the growth of television, to today's newest game-changing technology, ultra-bendable fiber.
"Today's announcement demonstrates that great companies like Corning are investing in Upstate New York's innovation economy because they understand its potential," said Governor Spitzer. "These are the type of key projects that will continue to drive the revival of the Upstate economy and the Southern Tier."
Corning Chief Technology Officer Dr. Joseph A. Miller spoke of Corning as an organization that thrives on creating first-of-a-kind, life-changing innovations. He attributed Corning's ongoing success in research and development to a special recipe: a centralized and collaborative R&D environment, a vibrant innovation heritage, and a community of talented employees to whom Miller dedicated the event. "They are delivering the inventions and innovations that will not only grow Corning, but will contribute to the well-being of this region," Miller said.
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.
