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4-Traders Homepage  >  Equities  >  Nyse  >  Corning Incorporated    GLW

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Corning Incorporated : 2012-07-19 - Clark Kinlin Named Head of Corning’s Telecommunications Group

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07/20/2012 | 12:28am CET

Clark Kinlin Named Head of Corning's Telecommunications Group Miller appointed general manager Corning Optical Fiber

CORNING, N.Y., July 19, 2012Corning Incorporated (NYSE: GLW) today announced that its  Board of Directors has elected  Clark S. Kinlin to the position of executive vice president, Corning Telecommunications business group, effective Aug. 1, 2012. The group comprises Corning Optical Fiber and Corning Cable Systems.

Kinlin, 52, will report to Wendell P. Weeks, chairman, chief executive officer, and president of Corning Incorporated. Kinlin will continue the day-to-day management responsibility for Corning Cable Systems. He was appointed president and chief operating officer of the cable division in April 2008.

Kinlin joined Corning in 1981 and has worked in a variety of businesses, including Corning Consumer Products and Corning International. Based in China for several years, Kinlin led the growth of Corning's business in China and established a strong corporate operating platform. He also led the commercial entry of the telecommunications business into Japan and China. He received his undergraduate degree from Kenyon College and received a Master of Business Administration degree from Harvard University.

Corning's board also elected Stephen P. Miller, 43, as vice president and general manager, Corning Optical Fiber and Cable, reporting to Kinlin. The role is effective Aug. 1, 2012. Most recently, Miller served as senior vice president and chief financial officer for Corning Cable Systems. He joined Corning in 1995 and has held several roles in finance across a number of business organizations. He spent several years in Japan as the Display Technologies division controller. He has a bachelor's degree in accounting from SUNY College at Fredonia.

Corning's new telecommunications business group addresses a global need for an integrated go-to-market strategy in emerging markets; an opportunity to capture significant operating synergies, and scale and optimization of manufacturing and technology assets.

Forward-Looking and Cautionary 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 effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning's filings with the Securities and Exchange Commission. 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.

About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for 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.

Media Relations Contact:
Daniel F. Collins
(607) 974-4197
collinsdf@corning.com

Investor Relations Contact:
Ann S. Nicholson
(607) 974-6716
nicholsoas@corning.com



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Financials ($)
Sales 2016 9 696 M
EBIT 2016 1 673 M
Net income 2016 2 047 M
Finance 2016 274 M
Yield 2016 2,15%
P/E ratio 2016 11,10
P/E ratio 2017 15,15
EV / Sales 2016 2,28x
EV / Sales 2017 2,32x
Capitalization 22 401 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 23,3 $
Spread / Average Target -1,1%
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Managers
NameTitle
Wendell P. Weeks Chairman, President & Chief Executive Officer
R. Tony Tripeny Chief Financial Officer & Senior Vice President
David L. Morse Chief Technology Officer & Executive VP
Deborah D. Rieman Independent Director
Hansel Emory Tookes Independent Director
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