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Technology Stocks : Corning Incorporated (GLW) -- Ignore unavailable to you. Want to Upgrade?

To: mike machi who wrote (669)	7/13/2000 4:33:52 PM
From: Jim Lamb	Read Replies (1) \| Respond to of 2260

Corning to Invest $225 Million in Tripling Capacity at Corning Lasertron Latest Announcement Underscores Company's Plan to Build Its Position as an Industry-Leading Optical Layer Company CORNING, N.Y.--(BUSINESS WIRE)--July 13, 2000-- Corning Incorporated (NYSE:GLW - news) announced today that its board of directors has approved a $225 million expansion of Corning Lasertron in order to increase the company's capacity for its amplification and transmission products, including pump lasers, transmission lasers and receivers. The investment underscores Corning's plan to build its position as an industry-leading optical layer company. ``Today, we are announcing another investment in Corning Lasertron to expand its capacity in the face of extraordinary demand for Corning's photonic products,'' said Dr. Gerald J. Fine, vice president and general manager for Corning Photonic Technologies. ``This is another step in a series of expansion plans which will allow us to better meet the needs of our customers. This expansion enables Corning to broaden its manufacturing capability from wafer fabrication through packaging.'' Additionally, Corning invested $45 million, announced on April 27, 2000, to expand Corning Lasertron's Oak Park facility in Bedford, MA. This doubled the existing capacity. In aggregate these two expansions, for a total investment of $270 million, will increase the existing capacity of Corning Lasertron products by six times over the next two years and will create approximately 1,150 new jobs. The additional expansion will require the construction of a new factory. Site selection will be determined in August 2000. ``Currently, Corning Lasertron manufactures semiconductor chips for state-of-the-art pump lasers with powers as high as 225 milliwatts. We have demonstrated powers nearly twice as high and expect to commercialize these products as part of this expansion plan,'' said Dr. Fine. The integration of active components such as pump lasers into optical amplifiers and transmission lasers and receivers is becoming increasingly important as optical systems become more and more complex. Corning Lasertron's pumps and transmission lasers and receivers, are essential elements in these networks. Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning's revenues in 1999 were $4.7 billion.