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November 13, 2007

Corning announces $300 million investment in R&D facility, with 300 new jobs to be created

Corning Incorporated broke ground Tuesday on a $300 million project to expand and upgrade its Sullivan Park Research and Development campus in Erwin, Steuben County, a project that officials said will bring 300 new high-paying research jobs to the company.

Governor Eliot Spitzer joined executives from Corning and local and state economic development officials at a ceremony celebrating the project.

"Today's groundbreaking represents an important milestone in our continuing commitment to excellence in research and development, and to the southern tier of New York State," Wendell P. Weeks, chairman and CEO of Corning Incorporated, said. He noted that Corning next year will mark its 100th year of dedicated research, a milestone that only five U.S. companies can claim.

"Today's announcement demonstrates that great companies like Corning are investing in Upstate New York's innovation economy because they understand its potential," said Governor Spitzer. "These are the type of key projects that will continue to drive the revival of the Upstate economy and the Southern Tier."

Business Council President Kenneth Adams hailed the news.

"Corning has long been a leader in industrial R&D and has helped make innovation a key competitive advantage for New York State," Adams said. "Today's good news reminds us that innovation is vital to the state's future prosperity."

Also on Tuesday, the Associated Press reported that the value of Corning's stock increased 8 percent after the company upgraded its outlook for fourth-quarter profits. The AP story is at www.newsday.com/news/local/wire/newyork/ny-bc-ny--corning-outlook1113nov13,0,2139891.story.

In its release, Corning Incorporated said its 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 this project are expected to be completed by 2013, with expenditures phased over the course of this six-year period, Corning's release said.

Weeks traced Corning's history of research breakthroughs from developing the glass envelope to commercialize Thomas Edison's electric light bulb, to cathode ray tubes that enabled the growth of television, to today's newest game-changing technology, ultra-bendable fiber.

The Governor's press release outlined a range of economic-development incentives that will help support the investment, include: a $1.5 million Jobs Now grant from ESD to be used toward machinery and equipment expenses; a $1.5 million grant from the New York State Energy Research and Development Authority (NYSERDA) to support implementation of energy efficiency measures; an offer from the state Department of Transportation of $750,000 in grants and loans through its Industrial Access Program; $6.8 million in Steuben County Industrial County Development Agency sales tax credits on construction materials; and $54.7 million in Empire Zone tax credits.

Daniel C. Gundersen, Upstate chairman of ESD, said, "Corning is a world leader in research and development and we are thrilled that we've been able to work with them to bring what ranks among the highest paying new jobs to Upstate. As a Fortune 500 company and global leader Corning obviously shares in our belief that the Southern Tier is a great place to do business."

Corning's press release is at www.corning.com/media_center/press_releases/2007/2007111302.aspx. The Governor's release is at www.ny.gov/governor/press/1113072.html.