Corning
Headquarters: One Riverfront Plaza
Corning, NY 14831
Phone: (607) 974-9000
Employees: 28,700
CEO: Wendell Weeks
Stock Symbol: GLW
Website: http://www.corning.com
Career Site
Corning Incorporated is the world leader in specialty glass and ceramics.
Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. The company's products include glass substrates for smartphones, LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology.
Gorilla Glass is made by Corning and used in smartphones, computers and tablets. Over the last six years, it has been featured in more than 30 major brands and 975 product models spanning more than 1 billion devices worldwide.
The company's five main market segments include display technologies, environmental technologies, telecommunications, specialty materials and life sciences.
In 2014, Corning had sales of $10.2 billion, up 29% from the previous year. Net income was $2.47 billion.
"2014 was one of the strongest years in Corning`s history," Wendell Weeks, chairman, chief executive officer and president, remarked. "Our sales exceeded $10 billion for the first time in the company`s history, with 29% core sales growth, and 22% core earnings improvement from a year ago. We have now produced two full years of quarterly year-over-year earnings growth.
"We started the year with a clear priority to grow sales and earnings. We achieved this with outstanding growth in our Optical Communications and Environmental Technologies segments, and a very successful integration of Corning Precision Materials. We also introduced several new technology innovations in 2014, highlighted by Corning Gorilla Glass 4, which launched in November."
Corning and Dow Chemical each own half of Dow Corning Corporation, a Michigan-based manufacturer of silicone products.
History
Amory Houghton was a talented and ambitious man who sought and seized opportunity. In his 20's, he embarked on his first business venture, establishing his own contracting business after a successful apprenticeship as a carpenter and builder. In the following years, Houghton dabbled in real estate and trading, which eventually led to a wharf in Cambridge where he traded coal, wood and other materials. He pursued this until shortly after 1851 when a chance meeting with British glassmaker "Gaffer" Teasdale inspired him to see his future in glass.
Houghton's ownership in the small glass companies Cate & Phillip (later called Bay State Glass) and the Union Glass Works led to his eventual purchase of the Brooklyn Flint Glass Works in Brooklyn, NY. By this time, Houghton's oldest son, Amory Jr. (1837 1909), was involved in the family business and the idea of moving upstate -- where materials and real estate were cheaper -- was taking shape. In 1868, a small-town banker with big ideas approached Houghton with a plan. Soon after, Houghton moved his company to Corning, NY and changed the company's name to reflect its new home.
The present Corning corporation was incorporated in New York state in 1936. Its name was changed from Corning Glass Works to Corning Inc. in 1959.
Corning helped bring high technology into American kitchens with the introductions of PYREX in 1915 and Corning Ware in 1959, but sold its consumer products division in 1997 to focus on high-technology applications.
For over 150 years, Corning has developed life-changing innovations including the glass for Edison's light bulb, ultra-thin glass for Active Matrix Liquid Crystal Displays (AMLCDs), ceramic substrates for diesel and automotive emissions control, and the first commercially viable, low-loss fiber for use in telecommunications.
The company developed the Television Tube in 1939.
In 2005, the company introduced LCD glass and Gorilla Glass in 2007.
Benefits
Medical
Corning medical plans vary by location, with most sites offering more than one plan. All U.S. locations offer an "opt-out" credit for employees who choose to waive medical coverage.
Dental
Corning offers a choice of two dental plans - a comprehensive plan and a preventive plan. You choose the plan that meets your needs. All U.S. locations offer an "opt-out" credit for employees who choose to waive dental coverage.
Vision
Vision coverage is available to employees and their eligible dependents. Enrollment is automatic with participation in any Corning medical plan.
Flexible Spending Accounts
Both Health Care and Dependent Care (child care or elder care) FSAs are available at Corning.
Disaiblity
Short-Term Disability (STD) provides income coverage for up to 26 weeks, while Long-Term Disability (LTD) provides coverage after 26 weeks. Employees are automatically enrolled in STD and Basic LTD, and Corning pays the full cost of coverage.
Long-Term Care Insurance
Optional Long-Term Care Insurance is available via payroll deductions for employees and their spouses. Coverage is also available for other eligible family members (parents, stepparents, grandparents and in-laws) interested in pre-planning for long-term medical expenses, such as skilled nursing or home health care.
Survivor Benefits
The Corning Survivor Benefit Plans offer financial protection in the event of death or accidental injury. The plans include:
- Basic Life Insurance - You may choose coverage of two times your annual base pay or one times your annual base pay. If you choose one times annual base pay, you will also receive an opt-out credit.
- Business Travel Accident Insurance
- Group Universal Life Insurance
- Spouse and/or Dependent Child Group Universal Life Insurance
- Voluntary Accidental Death & Dismemberment Insurance
- Educational Scholarship Program
Corning Investment Plan
The Corning Investment Plan is Corning's 401(k) savings program. Employees receive the advantage of Company Matching Contributions on a percentage of employee contributions.
Cash Balance Pension Plan
The Cash Balance Pension Plan helps to build income for an employee's future. It's a secure company-paid benefit that grows steadily throughout your career at Corning.
Worldwide Employee Share Purchase Plan (WESPP)
The Worldwide Employee Share Purchase Plan (WESPP) provides employees an easy way to buy shares of Corning common stock at a discount through automatic payroll deductions.
Financial Planning Services
This benefit helps employees take control of their money and get the most out of their Corning Advantages benefits program. It is provided at no cost to employees.
Group Legal Services
Optional, employee-paid benefit provides employees, and their eligible dependents with a broad range of legal services.
Paid Time Off
Corning's paid time off programs vary by location but generally provide for a set number of paid holidays per year, along with vacation time (based on length of service).
Other Benefits
- Employee Assistance Program
- Adoption Assistance Program
- LifeWorks
- Matching Gifts Program
- Educational Assistance
- Company-Sponsored Training
- Professional & Technical Dues
Updated January 29, 2015
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