Corning Sees Growth Ahead Thanks to PON, 5G
CORNING, N.Y. -- Corning Incorporated will host a meeting today in New York City with investors and industry analysts to review the company's new strategic, operational, and financial priorities to deliver continued growth and create additional value for shareholders. The new 2020-2023 Strategy and Growth Framework will build on the success of the company's 2016-2019 Strategy and Capital Allocation Framework and capture significant organic growth opportunities for the future. Corning will also discuss progress and pipeline developments across its five market-access platforms.
At today's meeting, senior leaders will outline the specific leadership priorities and key drivers for the 2020 to 2023 period. Corning expects 6%-8% compound annual sales growth -primarily driven by organic growth in Corning's market-access platforms.
Specific goals include:
Optical Communications to grow approximately twice as fast as the passive optical market, driven by 5G and next-gen hyperscale data centers;
Automotive market sales to double by 2023, driven by growth in gasoline particulate filters and the company's new automotive glass solutions business;
Mobile Consumer Electronics market sales to continue on a path to doubling, as Corning captures more value per device and wins in new device categories with Corning Gorilla Glass and other innovations; Life Sciences Vessels market sales to grow at least double the industry rate, driven by cell and gene therapy-related demand; launch of Valor Glass for pharmaceutical packaging has potential to become a multi-billion-dollar franchise;
Display to be stable as price declines remain moderate, television screen size continues to increase, and Gen 10.5 plants come on line.
Corning expects to invest $10 billion to $12 billion in RD&E, capital and mergers and acquisitions. Its primary focus on organic growth will continue.
Corning Inc. (NYSE: GLW)