Corning Chairman Optimistic About Company's Performance in 1999; Board members Re-Elected at Annual Stockholders Meeting.CORNING, N.Y.--(BUSINESS WIRE)--April 29, 1999-- Corning Incorporated Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works. is well positioned to take advantage of the opportunities in the growing, global marketplace, so says the company's Chairman and Chief Executive Officer Roger G. Ackerman. Speaking today at Corning's 1999 annual stockholders meeting in Corning, N.Y., Ackerman pointed to the fundamental strength of the company's businesses and its strategic focus. "Corning is made up of a team of people ready to take on opportunities in what may well be one of the most exciting periods of business growth and renewal in history," Ackerman said. We have strong and focused fundamental businesses; we have built outstanding competitive positions in those businesses which are at the center of powerful, growing global markets; and we are a company that has become both fast and flexible." Ackerman also discussed the company's 1998 performance and its successful response to the Asian financial crisis. "Our ability to recover in 1998 came down to knowing who we are, knowing where we wanted to be in the future, and being convinced that we have the right strategy to get us there. We made a conscious decision to stay the course. We boosted our research and development spending and today are working on what we believe are some of the most promising new products in our history. We added manufacturing capacity in fiber, semiconductor materials Semiconductor materials are insulators at absolute zero temperature that conduct electricity in a limited way at room temperature (see also Semiconductor). The defining property of a semiconductor material is that it can be doped with impurities that alter its electronic properties and environmental products, and we maintained and even gained share in the emerging markets," he said. In other annual meeting business, the stockholders re-elected directors for three-year terms: John Seely Brown John Seely Brown (also known as JSB) is a researcher who specializes in organizational studies with a particular bent towards the organizational implications of computer-supported activities. , vice president and chief scientist, Xerox Corporation (company) XEROX Corporation - http://xerox.com/. See also XEROX PARC, XEROX Network Services. ; Gordon Gund Gordon Gund (born October 15, 1939) is the former principal owner of the NBA's Cleveland Cavaliers, a co-owner of the San Jose Sharks NHL team, and remains the CEO of Gund Investment Corporation and a minority owner of the Cavaliers. , president and chief executive officer, Gund Investment Corporation; John M. Hennessy, chairman of private equity, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Corporation; John W. Loose, president of Corning Communications, Corning Incorporated; and H. Onno Ruding, vice chairman, Citibank, N.A. Under the terms of the Board's retirement policy, Dr. Henry Rosovsky Henry Rosovsky is an American economist and university administrator. From 1973 to 1987 he was the Dean of the Faculty of Arts and Sciences at Harvard University. At Harvard, where he was a Professor of Economics, he also served as Acting President in 1984 and 1987. , Geyser geyser (gī`zər) [Icel.], hot spring from which water and steam are ejected periodically to heights ranging from a few to several hundred feet. University professor emeritus, Harvard University Harvard University, mainly at Cambridge, Mass., including Harvard College, the oldest American college. Harvard College Harvard College, originally for men, was founded in 1636 with a grant from the General Court of the Massachusetts Bay Colony. , did not stand for re-election. Mr. Van C. Campbell, vice chairman, Corning Incorporated, is retiring as an employee on May 1, 1999 and will resign as a director on that date. Established in 1851, Corning Incorporated creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic components for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning's total revenues in 1998 were $3.5 billion. More information on the company is available at www.corning.com, Corning's website. |
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