$15 million investment to increase the domestic production capacity for products supporting COVID-19 testing and future pandemic preparedness and response
CORNING, NY, Dec. 24, 2020 (GLOBE NEWSWIRE) — Corning Incorporated (NYSE: GLW) today announced it has received an $15 million award from the U.S. Department of Defense (DoD), in coordination with Department of Health and Human Services (HHS), for the domestic production of robotic pipette tips used in support of diagnostic testing for COVID-19.
This investment will allow Corning Life Sciences to add incremental domestic production capacity. Robotic tips help automate liquid handling and are used in drug discovery and screening, cell culture, and PCR testing applications, most notably in support of COVID-19 diagnostic testing.
Ron Verkleeren, senior vice president and general manager, Life Science Technologies, said, “The surge in global demand for COVID-19 testing has revealed an industry-wide shortage of robotic tips and other integral products. Corning is pleased to again answer the call, as we mobilize our capabilities to combat the virus. We’re proud to support the U.S. government in its effort to expand domestic manufacturing of diagnostic products and to help establish a robust supply chain for the future.”
This development is the latest example of Corning’s ongoing role in the pandemic response. Under a separate agreement with the U.S. government announced earlier this year, Corning is substantially expanding its domestic manufacturing capacity of Corning Valor® Glass vials to help support the vaccination and treatment of millions of patients.
Funded by the Health Care Enhancement Act, the new award was led by the DoD’s Defense Assisted Acquisition (DA2) Cell in coordination with the Department of the Air Force’s Acquisition COVID-19 Task Force (DAF ACT) to support domestic industrial base expansion for critical medical resources.
Corning has been a trusted supplier to the healthcare and pharmaceutical industries since introducing PYREX® glass in 1915. Today, Corning is a leader in life sciences laboratory products, cell culture solutions, bioprocess vessels, and specialty surfaces. The company is also helping to provide more reliable access to medicine with its revolutionary new glass packaging for drug storage and delivery.
Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the duration and severity of the recent COVID-19 (coronavirus) outbreak, and its ultimate impact across our businesses on demand, operations and our global supply chains; the effects of acquisitions, dispositions and other similar transactions by the Company, the effect of global business, financial, economic and political conditions; tariffs and import duties; currency fluctuations between the U.S. dollar and other currencies, primarily the Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South Korean won; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; 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; possible disruption in commercial activities due to terrorist activity, cyber-attack, armed conflict, political or financial instability, natural disasters, or major health concerns; unanticipated disruption to equipment, facilities, IT systems or operations; effect of regulatory and legal developments; ability to pace capital spending to anticipated levels of customer demand; rate of technology change; ability to enforce patents and protect intellectual property and trade secrets; adverse litigation; product and components performance issues; retention of key personnel; customer ability, most notably in the Display Technologies segment, to maintain profitable operations and obtain financing to fund their ongoing operations and manufacturing expansions and pay their receivables when due; loss of significant customers; changes in tax laws and regulations including the Tax Cuts and Jobs Act of 2017; and the potential impact of legislation, government regulations, and other government action and investigations.
For a complete listing of risks and other factors, please reference the risk factors and forward-looking statements described in our annual reports on Form 10-K and quarterly reports on Form 10-Q. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.
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About Corning Incorporated
Corning (www.corning.com) is one of the world’s leading innovators in materials science, with a 169-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, and life sciences.
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