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CORNING INCORPORATED

(GLW)
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Delayed Nyse  -  04:03:08 2023-02-07 pm EST
35.19 USD   +0.49%
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Corning Incorporated : to Collaborate with Wesco and Nokia to Help Speed Rural Broadband Deployment

11/07/2022 | 11:04am EST
Optical Communications
Corning to Collaborate with Wesco and Nokia to Help Speed Rural Broadband Deployment
Corning to Collaborate with Wesco and Nokia to Help Speed Rural Broadband Deployment
Corning, NY | Corning Incorporated | November 07, 2022

Corning Incorporated (NYSE: GLW)announced today that it is collaborating with Wesco International and Nokia to help accelerate and simplify last-mile broadband deployment in rural and regional networks. Wesco will be the first distributor to launch a new fiber-to-the-home kit featuring Corning's award-winning FlexNAP™ components.

The Corning solution, with its passive optical components, complements the active components in Nokia's Network in a Box solution, announced in June and distributed through Wesco. By stocking both, Wesco now offers components, software and services for last-mile networks reaching up to 1,000 homes.

Public investment in broadband is accelerating, as governments look to address the Digital Divide through initiatives such as the $42 billion federal Broadband Equity Access and Deployment (BEAD) program. These initiatives present significant opportunities for thousands of small, regional network operators - and yet these operators have been among those most affected by global supply-chain challenges, which can put projects at risk. Now, the collaboration between Wesco, Corning and Nokia will provide rural and regional network operators with industry-leading quality and reliable supply.

"Smaller operators have a big part to play in bringing high-speed connections to more people and more communities," said Steve Mitchell, Senior Vice President, Carrier Networks, Corning Optical Communications. "Corning is proud to work with Wesco and Nokia to give operators of rural and regional networks everything they need to bring fiber to homes more quickly as we work together to connect the unconnected."

FlexNAP is the cabling solution pioneered by Corning that ushered in the era of fiber to the home. By eliminating splicing in the field and providing an end-to-end passive infrastructure, FlexNAP allows operators to complete projects up to five times faster and significantly reduces the need for skilled labor. Operators can deploy with up to 30% lower total cost than other FTTH solutions. By combining FlexNAP with Nokia's Network in a Box, Wesco will be the distributor of the combined active and passive solutions from Corning and Nokia.

"Wesco continues to focus on helping our customers streamline their supply chains to speed fiber network builds globally, as well as rural broadband deployments throughout North America," said Rick Arsenault, Vice President and General Manager, Global Service Providers and Broadband for Wesco. "By partnering with Corning and Nokia, and their innovative FlexNAP™ and Network in a Box solutions, we continue to accelerate connectivity to those in underserved areas as well as those fiber networks supporting 24/7/365 connectivity."

"Broadband is an essential service for the success and prosperity of our communities and nation. As the U.S. Government commits to historic funding efforts for delivering broadband to underserved families, Nokia has formed a strategic partnership with Wesco and Corning to create an incredible ecosystem that allows any size operator to confidently build a carrier-grade network utilizing best-in-class technology from Nokia and Corning," said Shaun McCarthy, President, North America Sales at Nokia. "The partnership also means best-in-class delivery, using our 'Network in a Box' concept that accelerates deployments and provides consistent and expedited equipment supply chain performance."

For more information, visit Corning's FlexNAP solutions or Wesco.com.

About Corning Incorporated

Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 170-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.

About Wesco

Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with more than $18 billion in annual sales and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class product and services portfolio of Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. The Company employs approximately 18,000 people, partners with the industry's premier suppliers, and serves thousands of customers around the world, including more than 90% of FORTUNE 100® companies. With nearly 1,500,000 products, end-to-end supply chain services, and leading digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers, and utilities. Wesco operates approximately 800 branches, warehouses and sales offices in more than 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations.

About Nokia

At Nokia, we create technology that helps the world act together.

As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed, and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

Adhering to the highest standards of integrity and security, we help build the capabilities needed for a more productive, sustainable, and inclusive world.

Disclaimer

Corning Inc. published this content on 07 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 November 2022 16:03:07 UTC.


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Financials (USD)
Sales 2022 14 627 M - -
Net income 2022 1 687 M - -
Net Debt 2022 4 845 M - -
P/E ratio 2022 18,0x
Yield 2022 3,07%
Capitalization 28 821 M 28 821 M -
EV / Sales 2022 2,30x
EV / Sales 2023 2,34x
Nbr of Employees 61 200
Free-Float 42,4%
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Number of Analysts 14
Last Close Price 35,02 $
Average target price 37,79 $
Spread / Average Target 7,92%
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Managers and Directors
Wendell P. Weeks Vice President & GM-Optical Fiber Business
Eric S. Musser President & Chief Operating Officer
Edward A. Schlesinger Chief Financial Officer & Executive Vice President
David L. Morse Chief Technology Officer & Executive VP
Anne Mullins Chief Information Officer & Senior Vice President
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