Corning announces $300M R&D facility investment

April 30, 2007 -- Corning Inc. announced that its board of directors has approved a $300 million facility improvement plan for the company's Sullivan Park Research and Development campus near Corning, N.Y.

April 30, 2007 -- Corning Inc. recently announced that its board of directors has approved a $300 million facility improvement plan for the company's Sullivan Park Research and Development campus near Corning, N.Y. The expansion plan includes significant renovation of an existing research and development building and construction of a new facility.

Results are expected to include increased operational efficiency, flexibility, space utilization and energy efficiency. All phases of the project are expected to be completed by 2013, with expenditures phased over the course of this six-year period.

"We have set some aggressive goals for accelerated innovation at Corning, including an anticipated doubling of new-business-generating technologies per decade. Ensuring that we have modern, flexible laboratory space conducive to the development of a healthy pipeline of innovative technologies across diverse fields is critical to our success," comments Dr. Joseph A. Miller, executive vice president and chief technology officer of Corning.

The company says its deep knowledge in materials science and process engineering has been focused on high-technology system components for consumer electronics, mobile emissions control, telecommunications and life sciences. "Reaching beyond these near-term growth areas, we have multiple emerging technologies that have the potential to provide Corning with its next wave of growth," continues Miller.

According to a press release, among the technologies in early-stage development at Corning include: microreactors for the manufacture of high-value specialty, fine, and pharmaceutical chemicals; silicon-on-glass technology, which is focused on enabling display glass to be transformed into an "engineered substrate" for advanced electronic applications; and synthetic green lasers to enable ultra-compact and ultra-efficient projection capabilities for mobile consumer electronic devices.

"Next year will mark the 100th anniversary of research and development at Corning," remarks Wendell P. Weeks, chief executive officer of Corning. "As we celebrate a century of achievements made possible through a sustained commitment to research, we embrace the challenges ahead. We will continue to make the necessary investments in research and development that will lead to the next generations of growth and long-term success at Corning."

Assistance for thie expansion project has been offered by the Empire State Development Corporation, the New York State Energy Research and Development Authority, and the New York State Department of Transportation in the forms of: a $1.5 million capital grant; up to $1.5 million in project funding; and up to $750,000 in Industrial Access Program funding, respectively. The Industrial Access Program funding is to be applied for by the town or county.

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