Corning Grows Through Innovation

Glass may be one of the world's oldest products, but Corning Inc., which celebrates its 150th anniversary in 2001, continues to find new ways to use the material. The Corning, N.Y.-based manufacturer developed the glass envelope for the electric light bulb, introduced mass production of the all-glass television picture tube, and in 1970 invented the first optical fiber cable that launched the booming telecommunications industry. This breakthrough invention transformed Corning into a leading high-tech-glass manufacturer. It also developed photonic products -- components added to fiber-optic lines to improve the speed and quality of telecommunications systems. Corning also makes the glass for liquid crystal display screens for notebook and desktop computers and televisions. To strengthen its leadership position in the glass business and to keep up with high global demand, Corning has finalized at least nine acquisitions over the last 18 months, doubled its manufacturing capacity, and introduced new products to make its fiber-optic systems run faster and cheaper and increase their capacity. The results have been impressive. Corning's stock has soared from about $60 a share in April 1999 to more than $170 a share in May of this year. The company's revenue grew from $3.8 billion in 1998 to $4.7 billion in 1999.