Corning Lasertron Selects Nashua New Hampshire For New Photonic Components Manufacturing Facility.

Business/Technology Editors

CORNING, N.Y.--(BUSINESS WIRE)

Sept. 7, 2000

Plant will triple the manufacturing capacity of active components, including pump lasers, transmission lasers and receivers

Corning Incorporated (NYSE:GLW), an industry-leading manufacturer and supplier of optical fiber and photonic products, announced today it will build its new photonic components manufacturing facility on a 56-acre site in Nashua, NH. This $225 million investment, announced this past July, is part of the on-going effort to expand the manufacturing capability of Corning Lasertron, which produces active components used in communication networks such as pump lasers, transmission lasers and receivers.

With planning and permit approvals expected in October, construction on the New Hampshire plant will begin in November 2000. Production is scheduled to start in the summer of 2001, and when fully operational in 2002, the plant will employ 850 people.

"We are succeeding in our efforts to broaden our manufacturing capability from wafer fabrication through packaging," said Bob Brown, president, Corning Lasertron. "Corning is aggressively working to meet current and future demand for pumps and transmission lasers. Our expansion plan is on track and is consistent with Corning's strategy of being a leading optical layer company."

In April, Corning announced a $45 million expansion plan for Corning Lasertron's Oak Park facility in Bedford, MA., doubling the existing capacity at the time. Corning's total investment of $270 million in Corning Lasertron will enable a six-fold increase in current capacity and will lead to the creation of a total of over 1,150 new jobs, inclusive of both the Nashua and Bedford locations.

In commenting on the announcement New Hampshire Governor Jeanne Shaheen stated, "I am excited that Corning, like so many other high-tech companies, recognizes that New Hampshire's skilled workforce, strong economy and high quality of life make it a great place to build a 21st century company. I am pleased to welcome Corning to New Hampshire, and we in state government stand ready to continue to work with them."

Nashua Mayor Bernard Streeter said, "I am thrilled that Corning Incorporated has selected our city as the site for its new manufacturing facility. This couldn't have been done without the tremendous effort of a dedicated city team including Roger Hawk, Director of Community Development and George Crombie, Director of Public Works and members of my staff. They and many others worked diligently in convincing Corning Lasertron that Nashua is the ideal location for this venture. The 850 jobs that this facility will bring will have a significant impact on the region's economy. This decision once again proves that Nashua continues to be one of the best cities in the nation to live and work."

Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products 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 revenues in 1999 were $4.7 billion.