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Corning, Inc.

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General Company Information:

Most of Corning's cooking is done lightly these days, and its growth is on display. The materials pioneer is the world's top maker of fiber-optic cable, which it invented nearly four decades ago. Once known mainly for its kitchenware and lab products, the company is now a leading provider of optical fiber and cable products and communications network equipment. Its display technologies unit produces glass substrates for flat-panel displays. Other major business segments include environmental technologies (ceramics for catalytic converters), and life sciences (laboratory equipment). Corning gets more than half of its sales in the Asia/Pacific region, principally from Taiwan and Japan.

In the early 21st century Corning suffered from slowing sales of telecommunications products, but a realignment of its businesses has allowed the company to regain its financial footing. The company's telecom segment, which accounted for 70% of revenue in 2001, now makes up 30% of sales. Corning has seen significant growth from its display technologies segment. The company has stepped up manufacturing of LCD glass, which now accounts for 45% of sales. Its LCD products are used in computers, TVs, cell phones, and digital camera displays.

Through all of the changes in Corning's business model and strategic priorities, the company kept Steuben Glass as a subsidiary for 90 years. The fine-glass firm is named for Steuben County, New York, where Steuben maintains its design studio and glassworks. Nothing lasts forever, however -- Corning put the business up for sale, after a decade of financial losses at Steuben Glass. The parent company in mid-2008 sold Steuben Glass to Schottenstein Stores; it kept an equity stake of nearly 20% in the fine-glass firm. Steuben Glass brings in about $25 million in annual sales and lost $5.7 million in 2007.

FMR (Fidelity Investments) owns about 7% of Corning.

Financial Data:

2007 Sales (mil.) / $5,860.0
1-Year Sales Growth / 13.3%
2007 Net Income (mil.) / $2,150.0
1-Year Net Income Growth / 15.9%
2007 Employees / 24,800

Key People:

Chairman and CEO / Wendell P. Weeks
Vice Chairman and CFO / James B. Flaws
President, COO, and Director / Peter F. Volanakis
SVP and CIO / Richard J. Fishburn
EVP and CTO / Joseph A. (Joe) Miller Jr.

Selected Products:

Display technologies

·  Liquid crystal displays

Telecommunications

·  Optical fiber and cable

·  Optical networking components

Environmental technologies

·  Industrial and stationary emissions products

·  Mobile emissions and automotive catalytic converters products

Life sciences

·  Genomics and laboratory equipment

Other

·  Polarized glass

·  Semiconductor materials

Current News:

Corning's Ultra-Low-Loss Optical Fiber Chosen for du's High-Capacity, Pan-Emirates Network
CORNING, N.Y., October 22, 2008–Corning Incorporated (NYSE:GLW) announced today that du, the United Arab Emirates's (UAE) new integrated telecommunications service provider, will deployCorning® SMF-28® ULLoptical fiber as the foundation of its Pan-Emirates, high-capacity network. du is the first telecom operator in the Middle East to deploy this sophisticated fiber. This new network will support du's fast growing business, 3G cellular and fiber-to-the-home customers, with seamless, high-speed connectivity. It will span the seven Emirates and link du's network with the kingdom of Saudi Arabia.
Corning® ClearCurve™ Optical Fiber Awarded R&D Magazine's 2008 R&D 100 Award
CORNING, N.Y., October 16, 2008–Corning Incorporated (NYSE:GLW) will receive R&D Magazine's respected 2008 R&D 100 Award for its innovativeClearCurve™optical fiber at a ceremony this evening in Chicago, Ill. The award recognizes the 100 most technologically significant new products of the year.
Actar AB Purchases Corning® Epic® System
Swedish Start-up Offers Label-free Drug Screening Services to European Drug Discovery Researchers
CORNING, N.Y., October 15, 2008–Corning Incorporated (NYSE:GLW) today announced that Actar AB, a part of the Karolinska Institutet innovations system, confirmed their ability to provide label-free drug screening services via the Corning® Epic® System. Actar is the first and only company to provide high-throughput label-free drug screening to academic researchers in Scandanavia and Europe on a fee-for-service basis.

Top Competitors:

·  Asahi Glass (annual sales: $12.952 billion)

·  Furukawa Electric (annual sales: $7.420 billion)

·  Sumitomo Electric (annual sales: $25.589 billion)