Corning to Invest $300M in R&D
CORNING, N.Y., April 26, 2007 -- Corning Inc. announced today a $300 million facility improvement plan for its Sullivan Park Research and Development campus near Corning, N.Y., that it said will help meet its goals for "growth through innovation from a broadened portfolio of research and development opportunities."
As part of the plan, it will expand an existing research and development building and build a new facility, resulting in "increased operational efficiency, flexibility, space utilization and energy efficiency," Corning said in a statement. The project is expected to be completed by 2013, with expenditures phased over six years.
"We have set some aggressive goals for accelerated innovation at Corning, including an anticipated doubling of new-business-generating technologies per decade," said Joseph A. Miller, executive vice president and chief technology officer. "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." (See also: "Corning to Reopen NC Fiber Plant; Reports Q1 Profits")
Corning’ materials science and process engineering experience has been focused on high-technology system components for consumer electronics, mobile emissions control, telecommunications and life sciences, he said. “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.”
A few of these technologies in development at Corning include microreactors for the manufacture of high-value specialty, fine and pharmaceutical chemicals; silicon-on-glass technology to enable display glass to be transformed into an “engineered substrate” for advanced electronic applications; and synthetic green lasers to enable ultracompact and ultraefficient projection capabilities for mobile consumer electronic devices.
Corning said assistance for the expansion project has been offered by the Empire State Development Corp., 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 state Industrial Access Program (IAP) funding, respectively.
For more information, visit: www.corning.com