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Shareholders will get 2 new shares for every share they hold on Sept 5
August 16, 2000
CORNING, N.Y. -- Corning Incorporated (NYSE:GLW), a leading manufacturer offiber-optic technologies used to create the world’s communications network, announced today that its board ofdirectors has approved a three-for-one stock split of its common shares.
“Our decision to split the stock reflects our confidence that we are firmly established in markets that will continue togrow well into the next decade,” said Roger G. Ackerman, Corning’s chairman and chief executive officer. “Ourposition as the world’s leading manufacturer of optical fiber gives us a unique ability to co-design fiber and opticalcomponents that both increase the carrying capacity of the network and decrease the cost of transmission. We willexploit this competitive advantage by continuing to develop a rapid succession of new products through acombination of internal innovations and external acquisitions.”
The split comes during one of the most successful and dynamic periods in the company’s 149-year history. In thepast 12 months alone, Corning has embarked on a bold plan to solidify its leadership position in the market forfiber-optic technology, including $7 billion in acquisitions, a doubling of its workforce, and a $1.5 billion expansionof its manufacturing capacity of optical fiber, optical components, and liquid crystal display (LCD) glass.
The stock split will be effected as a special stock dividend of two additional shares of common stock for eachshare of Corning’s common stock held by shareholders of record on September 5, 2000. The new shares will beissued on October 3, 2000.
As of June 30, 2000, Corning had approximately 319 million common shares issued. The split will increase thenumber of common shares issued to approximately 957 million. The company’s shareholders voted on April 27,2000 to increase the number of authorized shares to 1.2 billion.
http://www.corning.com/news/news_update1/index.html
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