Corning Incorporated (NYSE:GLW) Ink Division Invests $38M On New Headquarters

Monday, July 3, 2017

Source: 4-Traders

Corning Incorporated (NYSE:GLW) ink division, Corning Optical Communication, is investing $38 million in the development of a new headquarters at Riverbend Village in Charlotte. The company’s investment will be used to develop the 120-acre mixed use project in addition to other funds and incentives.

The expansion comes on the heels of Corning receiving a $200 millioninvestment from Apple Inc. (NASDAQ:AAPL) for research and development purposes towards glass processing.

Corning New Headquarters

Once complete, the facility will include 78,000 square foot of Harris Teeter grocery anchor, 330,000 square feet of retail space as well as 500 residential units. Mecklenburg County commissioners have already granted Corning$750,000 worth of corporate incentives for the massive project, which once complete will employ as many as 650 people.

Corning Optical Communications is planning to move its headquarters from Hickory once the new 182,500 headquarters in Charlotte is complete. The division is a leading manufacturer of fiber optic communication systems used for voice data and video network applications.

Multi-Use Platform

Corning is fresh from launching a multi-use platform that it dubs the industry first when it comes to offering a combination of multi and single fiber connection points. The platform is designed to offer a mix of network architectures as an advancement for LTE connectivity and 5G future.

“As the leader in fiber optic networks, we`re expanding our pre-connectorized solutions with flexible deployment options that are cost-effective and future-ready,” said Bob Whitman Corning Optical Communications vice president.

The platform includes a local convergence cabinet that houses a variety of splitter types and pass-through fibers for easy deployment across network connection points. Arrangement and design make it easy for technicians to plug on feeder and distribution cables with factory-installed hardened connectors.

The platform also includes an array of network access points with single and multiple fiber options. The factory-installed points are designed to enable fast plug and play connectivity. Elimination of splice points allows for up to 50% savings on labor costs, compared to traditional field termination methods.

Separately, Corning’s toughest cover glass yet, Corning Gorilla Glass 5  will make its debut in Essential Phone. Essential Products, a company formed Android co-founder, Andy Rubin, is developing the new phone.

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