CORNING, N.Y., July 14 -- Corning Inc. has announced plans to put $225 million into its recently acquired subsidiary, Corning Lasertron (Bedford, Mass.) -- a designer and manufacturer of active optoelectronic component products that make the transmission of digital and analog communication signals over high bandwidth fiber optic networks possible. Corning wants to expand Corning Lasertron's potential to produce amplification and transmission products, including pump lasers, transmission lasers and receivers.
Today, we are announcing another investment in Corning Lasertron to expand its capacity in the face of extraordinary demand for Corning's photonic products, said Gerald J. Fine, vice president and general manager for Corning Photonic Technologies. This is another step in a series of expansion plans which will allow us to better meet the needs of our customers. This expansion enables Corning to broaden its manufacturing capability from wafer fabrication through packaging.
Corning acquired Corning Lasertron as a result of its merger with Oak Industries earlier this year. Corning's $45 million investment in Corning Lasertron's Oak Park facility earlier this year brings the company's total financing to $270 million, which will multiply the OEM supplier's volume by six and produce almost 1150 new jobs over the next two years, said Corning.