CORNING, N.Y., Aug. 30, 2022 (GLOBE NEWSWIRE) -- Corning Incorporated (NYSE:GLW) announced today that it is expanding manufacturing capacity for optical cable, based on a long-term relationship with AT&T (NYSE:T), the nation's largest fiber internet provider¹ , as the carrier expands its fiber service. Corning will build a new cable manufacturing facility in Gilbert, Arizona, located in the Greater Phoenix region, adding approximately 250 jobs and extending Corning's strategic investments in optical fiber, cable, and connectivity solutions to meet record demand.

The new facility is Corning's latest in a series of investments in fiber and cable manufacturing totaling more than $500 million since 2020. These investments, supported by customer commitments, nearly double Corning's ability to serve the U.S. cable market and connect more people and communities. Public and private investments in broadband, 5G, and the cloud are accelerating a large, multi-year wave of growth for fiber-based networks – and Corning, as the world leader in passive optical communications, is uniquely positioned to support these network builds.

The Arizona facility, expected to open in 2024, will be the industry's western-most U.S. manufacturing site for optical cable – allowing Corning to serve growing demand in the western U.S. and Canada.

"This investment is a significant step forward for our country and building world-class broadband networks that will help narrow the nation's digital divide," said AT&T Chief Executive Officer John Stankey. "This new facility will provide additional optical cable capacity to meet the record demand the industry is seeing for fast, reliable connectivity. We are also working with Corning to create training programs to equip the next generation of technicians with the skills to build the networks that will expand high-speed internet access to millions of Americans."

Separately, AT&T announced today that it is deploying fiber internet service to the Mesa, Arizona, area, with service expected to be available to Mesa residents in 2023.

U.S. Commerce Secretary Gina Raimondo, whose agency is spearheading the national "Internet for All" initiative, will join today's announcement at Mesa Community College. Corning and AT&T are supporting the White House's Talent Pipeline Challenge, a program to help employers build training partnerships that connect American workers to jobs rebuilding infrastructure, supply chains, and manufacturing. Corning and AT&T have created a program to train fiber optic technicians across the industry.

To build and deploy these networks, the industry will need another 850,000 workers through 2025. Corning and AT&T created the Fiber Optic Training Program, focused on equipping thousands of technicians with the skills critical to designing, installing, and maintaining a growing fiber network. The initial class is currently underway in North Carolina, and the program aims to train 50,000 American workers over the next five years.

"We believe access to broadband means access to opportunity – from education to healthcare to quality of life," said Corning Chairman and Chief Executive Officer Wendell P. Weeks. "Corning is doing our part to make sure everyone – regardless of where they live – has access to reliable, high-speed connections enabled by optical fiber. We are proud to continue partnering with AT&T and to expand U.S. manufacturing capacity and train the next generation of American workers – and we're grateful for the opportunity to work with our customers and with the U.S. government to make this a reality."

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^[1] Based on the number of fiber to the home households using publicly available data.

Caution Concerning Forward-Looking Statements

The statements contained in this release that are not historical facts or information and contain words such as "will," "believe," "anticipate," "expect," "intend," "plan," "seek," "see," "would," and "target" and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These estimates are subject to change and uncertainty which are, in many instances, beyond our control. There can be no assurance that future developments will be in accordance with management's expectations. Actual results could differ materially from those expected by us, depending on the outcome of various factors. We do not undertake to update forward-looking statements.

Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, current estimates and forecasts, general economic conditions, its knowledge of its business, and key performance indicators that impact the Company, actual results could differ materially. Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to: the duration and severity of the COVID-19 pandemic, and its impact across our businesses on demand, personnel, operations, our global supply chains and stock price; global economic trends, competition and geopolitical risks, or an escalation of sanctions, tariffs or other trade tensions, and related impacts on our businesses' global supply chains and strategies; changes in macroeconomic and market conditions, market volatility, interest rates, capital markets, the value of securities and other financial assets, precious metals, oil, natural gas and other commodities and exchange rates (particularly between the U.S. dollar and the Japanese yen, new Taiwan dollar, euro, Chinese yuan and South Korean won), consumer demand, and the impact of such changes and volatility on our financial position and businesses; product demand and industry capacity; competitive products and pricing; availability and costs of critical components, materials, equipment, natural resources and utilities; new product development and commercialization; order activity and demand from major customers; the amount and timing of our cash flows and earnings and other conditions, which may affect our ability to pay our quarterly dividend at the planned level or to repurchase shares at planned levels; disruption to Corning's, our suppliers' and manufacturers' supply chain, logistics, equipment, facilities, IT systems, operations or commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, international trade disputes or major health concerns; loss of intellectual property due to theft, cyber-attack, or disruption to our information technology infrastructure; effects of acquisitions, dispositions and other similar transactions; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; our ability to increase margins through implementation of operational changes, pricing actions and cost reduction measures without impacting revenues; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; attraction and retention of key personnel; customer ability to maintain profitable operations and obtain financing to fund ongoing operations and manufacturing expansions and pay receivables when due; loss of significant customers; changes in tax laws, regulations and international tax standards; the impacts of audits by taxing authorities; the potential impact of legislation, government regulations, and other government action and investigations; and other risks detailed in Corning's SEC filings.

For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q.

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In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, Corning Incorporated ("Corning") wishes to notify investors, media, and other interested parties that it uses its website (https://www.corning.com/worldwide/en/about-us/news-events.html) to publish important information about the company, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that the company uses may be updated on Corning's media and website from time to time. Corning encourages investors, media, and other interested parties to review the information Corning may publish through its website and social media channels as described above, in addition to the company's SEC filings, press releases, conference calls, and webcasts.

About Corning Incorporated

Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 170-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.

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Corning Announces New Optical Cable Manufacturing Facility Supported by AT&T and Record Industry Broadband Demand