CORNING, N.Y., DECEMBER
7, 2016 - Corning Incorporated (NYSE:
GLW) today announced that its board of directors has authorized a
new $4 billion share repurchase program effective Dec. 7, 2016.
In October 2015, Corning's management introduced
its Strategy and Capital Allocation Framework designed to create
significant value for shareholders by leveraging the company's
financial strength and focusing the company's portfolio. The
updated Framework includes a commitment to deliver greater than
$12.5 billion to shareholders while investing $10 billion to
sustain the company's leadership positions and grow.
"We are tracking to deliver on our four-year
commitment to return cash and increase shareholder value," R. Tony
Tripeny, senior vice president and chief financial officer, said.
"By year end we will have returned approximately $6 billion to
shareholders through repurchases and dividends. Today's approval of
an additional $4 billion share repurchase authorization further
demonstrates the board's confidence in our Framework, and
represents another important milestone toward meeting our
goals."
"We have made progress on advancing a number of
new growth opportunities within our focused portfolio," Tripeny
said. "For example, in the mobile consumer-electronics market, we
are sustaining our market leadership with Corning® Gorilla® Glass
5, which provides enhanced damage resistance, and we recently
introduced Gorilla Glass SR+ for wearable devices."
Tripeny also noted that the company is extending
its success in the automotive market with new platform wins for its
innovative gas particulate filter solutions for improved emissions
control and is advancing the use of Gorilla Glass for car windows
and interior touch-screen applications.
The pace of activity and actual number of shares
that are repurchased will depend on a variety of factors, including
general business and market conditions. This repurchase program
does not have a fixed expiration. The new repurchase program may be
affected through open market purchases or privately negotiated
transactions in compliance with Rule 10b-18 under the Securities
Exchange Act of 1934, as amended, including through Rule 10b5-1
trading plans.
Caution Concerning
Forward-Looking Statements
This press release contains "forward-looking statements" - that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. These
forward-looking statements relate to, among other things, the
company's future operating performance, the company's share of new
and existing markets, the company's revenue and earnings growth
rates, the company's ability to innovate and commercialize new
products, and the company's implementation of cost-reduction
initiatives and measures to improve pricing, including the
optimization of the company's manufacturing capacity.
In this context, forward-looking statements often
contain words such as "will," "believe," "anticipate," "expect,"
"intend," "plan," "seek," "see," "would," and "target". Although
the company believes that these forward-looking statements are
based upon reasonable assumptions regarding, among other things,
current estimates and forecasts, general economic conditions, its
knowledge of its business, and key performance indicators that
impact the company, actual results could differ materially. The
company does not undertake to update forward-looking statements.
Some of the risks, uncertainties and other factors that could cause
actual results to differ materially from those expressed in or
implied by the forward-looking statements include, but are not
limited to: competitive products and pricing; availability and
costs of critical components and materials; new product development
and commercialization; order activity and demand from major
customers; unanticipated disruption to equipment, facilities, or
operations; facility expansions and new plant start-up costs; our
ability to pace capital spending to anticipated levels of customer
demand; the amount and timing of our cash flows and earnings and
other conditions, which may affect our ability to pay our quarterly
dividend at the planned level or to repurchase shares at planned
levels; our capital allocation plans, as such plans may change
including with respect to the timing and size of share repurchases,
acquisitions, joint ventures, dispositions and other strategic
actions; and the effectiveness of our risk management
framework.
For a complete listing of risks and other factors,
please reference the risk factors and forward-looking statements
described in the annual reports on Form 10-K and quarterly reports
on Form 10-Q.
Digital Media
Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it intends to
use its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors. The list of
websites and social media channels that the company uses may be
updated on Corning's media and website from time to time. Corning
encourages investors, media, and other interested parties to review
the information Corning may publish through its website and social
media channels as described above, in addition to the company's SEC
filings, press releases, conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contact:
M. Elizabeth
Dann
(607)
974-4989
dannme@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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