Corning to Spend $50M on Plant Expansion

CORNING, NY -- Corning Incorporated (NYSE:GLW) said that it will spend $50 million to add capacity and 700 jobs at its photonic technologies plant in Erwin, NY. The company said it is making the investment in order to keep pace with soaring demand for optical-networking devices used to build the backbone of the Internet. The announcement comes just three months after Corning said it is adding another photonic technologies plant in Benton Township, PA, and just weeks after Corning said it believes revenues from photonic technologies will grow by 80% this year.

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