Corning Reopens Part of Plant
Wednesday April 25, 1:31 pm ET
Corning Reopens Part of Optical Fiber Plant in Concord, N.C.
CORNING, N.Y. (AP) -- Glass, fiber optics and specialty materials company Corning Inc. said Wednesday it is reopening a part of its Concord, N.C., optical fiber factory.
The company said it still expects it will take about six to nine months to restart fiber manufacturing, and added it plans to pace production to meet market demand.
"The optical fiber market has witnessed volume growth of greater than 15 percent in each of the last two years," said Eric S. Musser, vice president and general manager of Corning's optical fiber business. "Over 80 percent of worldwide fiber demand now comes from the access and metro segments, and we expect to see continued market growth."
Corning also said that because demand in its semiconductor materials products is growing, increased specialty glass production at is Wilmington, N.C., factory has displaced some of that plant's fiber making capacity. The Concord facility would pick up the slack.
Corning also posted a 27 percent jump in its first-quarter earnings on Wednesday, exceeding Wall Street's expectations.
Shares rose $1.04, or 4.4 percent, to $24.77 in afternoon trading on the New York Stock Exchange. The stock has traded between $17.50 and $28.83 in the past 52 weeks.
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