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Corning to invest $55 million in corning Precision Lens

Corning Inc. plans to invest about US$ 55 million in its Corning Precision Lens Inc. unit to raise production of rear projection television lens assemblies.
In a recent press release, the company sai…

Corning Inc. plans to invest about US$ 55 million in its Corning Precision Lens Inc. unit to raise production of rear projection television lens assemblies. In a recent press release, the company said the capital expenditure will be used to construct and equip an additional facility at the unit“s Cincinnati, Ohio headquarters. The expansion, scheduled for completion in 2002, will allow Corning Precision to raise its overall capacity in PTV assemblies by more than 60%, and will create an additional 300 manufacturing jobs. The company said “rapidly growing demand” for Corning Precision“s products by key customers in the projection television business lead to the expansion plans. Corning Inc. said the latest investment is the third and final phase of an expansion totalling more than US$ 79 million. Corning Precision makes lens systems for projection video and makes lenses from optical plastics and glass. Corning Inc. makes optical fibre, cable and photonic products for the telecommunications industry.

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