Corning To Invest $150M To Expand Optical Operations In
ItalyNews 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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