Corning Expanding Production at Italian Facility

CORNING, N.Y., Feb. 12 -- Corning Inc.'s board of directors has approved a $150 million capital investment plan to enhance and expand the recently acquired Corning Optical Technologies Italia (Corning OTI) operations, formerly owned by Pirelli. The investment will allow the company to significantly increase its capacity in lithium niobate modulators, pump lasers, certain specialty fibers and fiber gratings, all key elements of Corning's expanding portfolio of optical networking products.
The Corning OTI optical component device manufacturing operations affected by this investment are being relocated to San Donato near Milan, Italy, from their current location in Bicocca, Italy. The new facility is expected to be fully operational and its employment level doubled by the end of 2001.