Sunday, July 3, 2022

Corning adding 410 new jobs in NC

Corning Optical Communications is expanding again in North Carolina, with plans to invest $176 million in Catawba and Cabarrus counties and create more than 400 jobs. The total includes $67 million for a new optical-cable plant in Newton, creating 210 jobs, and $109 million for a fiber-plant expansion in Midland that will add 200 jobs. The company, a division of New York-based parent Corning Inc., employs more than 3,000 people in North Carolina, including at plants in Hickory, Winston-Salem and Wilmington.

Revenue from Corning’s optical-communications business accounts for nearly one-third of company sales, topping $3 billion last year. In a news release, the company said it expects double-digit sales growth in the segment in 2017. Corning has a market value of about $25.5 billion.

The new jobs will pay an average annual wage of $56,963 in Catawba County and $58,146 in Cabarrus County. Corning, which has proven a shrewd player in the business-incentives game, could receive more than $4.7 million in state incentives if it meets hiring and investment goals.

Corning last year announced it was adding 105 jobs at its Hickory cable-fiber plant in Catawba County, plus another 100 in Winston-Salem. The company is building a $38 million headquarters for its optical communications division in Charlotte, with plans to move about 400 white-collar jobs from Hickory.

Since December 2015, North Carolina has committed more than $9 million in funds from its Job Development Investment Grant program to Corning.

 

Cathy Martin
Cathy Martin is the managing editor at Business North Carolina magazine. She can be reached at cmartin@businessnc.com.

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