Corning To Invest $150M To Expand Optical Operations In Italy News from E-InSite Corning Inc. plans to invest $150 million to enhance and expand itsCorning Optical Technologies Italia (Corning OTI) operations, which it recently acquiredfrom Pirelli.
Corning (nyse: GLW) said the investment will allow it to boost its capacity in lithiumniobate modulators, pump lasers, certain specialty fibers, and fiber gratings, all ofwhich are key to the Corning, N.Y.-based company's portfolio of opticalnetworking products.
The Corning OTI operations that are affected by this investment are being relocated toSan Donato, Italy, near Milan, the company said, from their current location in Bicocca,Italy. The new facility is expected to be fully operational by 2001, and Corning alsoplans to double the workforce there by the end of the year.
Corning makes optical fiber, cable and photonic products for the telecommunicationsindustry, as well as high-performance displays and components for television and othercommunications-related industries.
“Providing our customers with continually enhanced value propositions forhigh-speed next generation systems is essential to Corning's growth strategy as aleading optical communications company,” John Loose, Corning's chief executiveofficer, in a statement.
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