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Corning: Loose outlines growth

At the group“s recent annual investors conference, held in New York City, Corning Incorporated“s newly-elected CEO, John W. Loose, outlined the company“s strategy to continue its strong growth and …

At the group“s recent annual investors conference, held in New York City, Corning Incorporated“s newly-elected CEO, John W. Loose, outlined the company“s strategy to continue its strong growth and maintain its leadership in high-technology markets with its optical fibre and photonic technologies for optical networking, and flat-panel glass for liquid crystal displays. “Corning is a high-tech company with a clear vision and sharp focus. We have the platform, the capabilities and the momentum for superior growth,” said Loose. According to Loose, all of Corning“s high-growth businesses are reporting excellent performance, with optical fibre manufacturing facilities running at full capacity and strong demand for flat-panel glass for desktop LCD displays and laptop computers. For the fourth quarter of 2000, Corning expects optical fibre volume growth in the range of 30-35% compared with the fourth quarter of 1999. It will also confirm year-on-year revenue growth for its photonic technologies business of 100%, with sequential quarterly revenue growth of 25%. Year-on-year revenue growth for its LCD business is expected to exceed 70% in both the fourth quarter and the full year. On 12 December, Corning closed the acquisition of Italian firm Pirelli“s optical technologies business, using the majority of the proceeds of common stock and convertible debt offerings.

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