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

To: Boplicity who wrote (739)	8/17/2000 12:28:27 PM
From: Jerryco1	Read Replies (1) \| Respond to of 2260

Corning to Open New Photonic Components Manufacturing Facility CORNING, N.Y., Aug 17, 2000 (BUSINESS WIRE) -- Henrietta, NY plant will employ 440 people and more than double company's capacity in fiber-based passive components Corning Incorporated (NYSE:GLW), an industry-leading manufacturer and supplier of optical fiber and photonic products, announced today that it will open a passive components manufacturing facility to be located in Henrietta, New York, just south of Rochester. The company will initially invest approximately $80 million over the next 12 to18 months to double its production of fiber-based passive components, which are part of optical amplifiers used in communications networks. When fully operational, the plant will employ 440 people. Production is slated to begin by early-2001. Demand for Corning's fiber based passive components continues to increase, fueled by erbium-doped fiber and Raman optical amplifiers. Fiber based passive components are part of the broad photonic product portfolio supporting Corning's position as a leading optical layer company. In making the announcement Corning's Chairman and Chief Executive Officer, Roger G. Ackerman stated, "Today, Corning has taken another step in its evolution of becoming the world's leading supplier of photonic modules and optical components. This facility will centralize our core competencies for manufacturing passive components and provide a basis for the future growth of this business. One reason for choosing this site is the excellent potential for expansion." Ackerman went on to acknowledge the support of state and local officials that made it possible for Corning to locate a significant manufacturing operation in Henrietta. New York State Governor George Pataki stated, "Rochester's economic resurgence is based on the depth and breadth of high-tech industries. Corning's decision to locate their first passive photonic components plant and create 440 new jobs in Henrietta expands this dynamic business community's strength and momentum." 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.