Corning Incorporated

Corning Incorporated
Type	Public (NYSE: GLW)
Founded	1851
Headquarters	Corning, New York, USA
Key people	Wendell P. Weeks, Chairman and CEO
Industry	Materials Manufacturer
Products	Glass, Ceramics, Fiber Optic Cable
Revenue	$5.174 billion USD (2006)
Operating income	$846 million USD (2006)
Net income	$1.855 billion USD (2006)
Employees	25,000 (2007)
Website	www.corning.com

Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works.

Originally founded in the Williamsburg section of Brooklyn, New York, the company later moved its headquarters to the city of Corning, New York.

In the fall of 1970, the company announced that its researchers had succeeded in making an optical fiber useful for long distance communication, having an optical attenuation of only 17 dB per kilometer, made from extremely pure silica glass doped with titanium. That invention resulted in Corning Incorporated becoming the world's largest manufacturer of optical fiber by the 1990s. The company benefitted from the boom in demand for long haul fibre optic cable in the late 1990s, but its profits were hit when this market fell in value terms dramatically in 2000 and 2001 worldwide.

As of 2004, Corning Incorporated is a leading manufacturer of glass for liquid crystal displays in notebook and desktop computers and LCD televisions [1]. The company continues to produce optical fiber and cable for communications, but at a reduced volume from the peak years of 1998-2000. It is also a major manufacturer of ceramic emission control devices for catalytic converters in cars and light trucks that use gasoline engines. The company is also making a major investment in the production of ceramic emission control products for diesel engines as a result of tighter emission standards for those engines both in the U.S. and abroad.

Other notable products manufactured by Corning Incorporated include mirror blanks for some of the world's largest telescopes, windows for all U.S. Space Shuttles and Steuben art glass. From 1982 to 1996, Corning owned Corning Clinical Laboratories; Corning did a spin-off of that business to their stockholders at the time as Quest Diagnostics.

Corning Incorporated employs about 25,000 people worldwide and has annual revenues as of 2006 of $5.17 billion. Corning has been listed for many years among Fortune magazine's 500 largest industrial companies, and is currently ranked 439.

It traces its origins to a glass company established in Massachusetts in 1851 by a member of the founding Houghton family. In 1918, it acquired Steuben Glass Works.

Although the company is publicly owned, James R. Houghton, a descendant of the founder, served as chairman of the board of directors from 2001-2007 and still serves as a director. Wendell P. Weeks is chairman and chief executive officer (as of 2007).

Other Corning notables over its 150 year history include: invention of a process for rapid and inexpensive production of light bulbs (in fact, Corning developed the glass for Thomas Edison's light bulb.); early major manufacturer of glass panels and funnels for television tubes; invention and production of Vycor^TM (high temperature glass with high thermal shock resistance), and the invention and production of Corelle^TM (durable glass dinnerware), Pyrex^TM, and Pyroceram^TM (glass-ceramic cookware).

See also

• The Houghton Family
• City of Corning, NY

External links

• Corporate website
• The Trials of Amory Houghton Jr., article in Forbes Magazine, September 1977, describing the company's mid-1970s crisis.
• 2006 annual report
• 2005 annual report
• 2004 annual report
• 2003 annual report
• Corning stock performance chart from GStock

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