Increase in Production Will Support China's Growing Telecommunications Infrastructure
CORNING, N.Y., March 26 /PRNewswire-Asia/ -- Corning Incorporated (NYSE: GLW) today celebrated the expansion of its optical fiber manufacturing facility, Corning Shanghai Fiber Optics Co., Ltd. (CSFOC) in Shanghai, China. The increased capacity will enable CSFOC to provide state-of-the-art optical fiber to meet the increasing demand for high-speed, optical communication networks in China.
(Photo: http://www.prnasia.com/sa/2009/03/26/200903261846.jpg )
"The expansion of our Shanghai optical fiber manufacturing plant represents another significant phase of Corning's participation in China," said Corning's Chairman and Chief Executive Officer, Wendell P. Weeks. "This plant will help us meet the needs of China's telecommunications providers, and fulfill the government's goal of fast and efficient information exchange."
Corning's CEO of Greater China, Eric Musser stated, "China has the world's largest telecommunication networks in terms of both network capacity and number of subscribers. The government's effort at restructuring the domestic telecommunication industry has brought a robust wave of rapid development and added impetus in growing the domestic telecom market. As a world-leading optical fiber provider, we are confident that our leadership in the China telecommunication industry will be further strengthened through
state-of-the-art manufacturing and product technology embodied in this expanded facility."
Over the past two decades, as China's telecommunication industry developed into a more mature, optical fiber-based network, Corning has played an active and important role in serving the industry through the formation of Corning Greater China Telecommunications. As a unified organization integrating four Corning business affiliates in Shanghai, Beijing and Chengdu, Corning Greater China Telecommunications is better positioned to serve increasing market demands for products and services in advanced optical fiber, cable, hardware and equipment.
Corning invented the first low-loss optical fiber in 1970 and still remains as a worldwide market leader today, offering a full line of
single-mode and multimode optical fibers, optical cable hardware and equipment for all network applications, Corning's rich portfolio of optical fiber products are recognized in China as a benchmark for industry excellence and innovation.
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" (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning's financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring 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. These and other risk factors are detailed 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.
