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MarketScreener Homepage  >  Equities  >  Nyse  >  Corning Incorporated    GLW

CORNING INCORPORATED (GLW)
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Corning : Two new facilities to train future workforce

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01/14/2018 | 07:48am CEST

The December announcements of Corning Inc. and Triangle Tire Co. locating at the Kingsboro Megasite were an end-of-the-year windfall for Edgecombe County.

Corning plans to build a global distribution center, bringing 111 new jobs to the county. Triangle Tire will build two manufacturing plants that will create 800 jobs by 2023.

These announcements are the springboard for a heightened commitment and focus on industrial programs at Edgecombe Community College. Two construction projects looming on the horizon will enable the college to better develop and sustain the skilled workforce required by Corning and Triangle Tire.

The Golden Leaf Foundation has awarded a $10 million Economic Catalyst Grant to the college for the construction and equipping of a state-of-art Advanced Manufacturing Training Center at Kingsboro. The college will own and operate the center, which will serve employees of Triangle Tire.

Edgecombe Community College and Triangle Tire will collaborate on the design and implementation of a pre-employment screening course for prospective employees as well as training programs for current employees. On-site classes leading to degrees and diplomas also may be offered for employees.

The Advanced Manufacturing Training Center will be constructed initially to meet the training needs of Triangle Tire. However, any industry located at the Kingsboro Megasite or in the vicinity would be trained at the center.

A second construction project, the Center for Innovation, will soon be under way on the Tarboro campus. 

A groundbreaking was held in October 2017. This facility will serve the high school and adult student populations seeking degrees, diplomas, and certificates in the college’s advanced manufacturing programs, which include manufacturing technology, electrical systems technology, industrial systems technology and facility maintenance. Education and training will align with current industry standards.

In the Center for Innovation, the college will create and train the pipeline for the local and regional workforce. Work modules in the new facility will simulate real-world work environments in advanced manufacturing. The facility also will contain a computer integrated manufacturing lab, instrumentation lab, hydraulics and pneumatics lab, electronics lab, motor control lab and logistics/​simulation lab.

The Center for Innovation on the Tarboro campus will develop and train a pipeline for a skilled workforce, and the Advanced Manufacturing Training Center at the Kingsboro Megasite will meet the ongoing training needs of that workforce.

United, these facilities will enable Edgecombe Community College to cultivate, train and maintain a skilled industrial workforce second to none in North Carolina.

© 2018 Cooke Communications LLC - Rocky Mount Telegram, source Newspapers

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Financials ($)
Sales 2018 11 280 M
EBIT 2018 2 084 M
Net income 2018 1 199 M
Debt 2018 3 167 M
Yield 2018 2,24%
P/E ratio 2018 25,22
P/E ratio 2019 16,73
EV / Sales 2018 2,59x
EV / Sales 2019 2,47x
Capitalization 26 026 M
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 36,9 $
Spread / Average Target 15%
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Managers
NameTitle
Wendell P. Weeks Chairman, President & Chief Executive Officer
R. Tony Tripeny Chief Financial Officer & Senior Vice President
David L. Morse Chief Technology Officer & Executive VP
Deborah D. Rieman Independent Director
Hansel Emory Tookes Independent Director
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