CANTON, N.Y. — Corning Incorporated (NYSE: GLW) has reached an up to $32 million preliminary memorandum of terms (PMT) funding agreement with the U.S. Department of Commerce to increase production at its Canton facility of specialized glass that’s vital for the semiconductor industry.
The expansion is expected to create up to 130 new manufacturing jobs, including new union jobs, and more than 175 union construction jobs, the office of U.S. Senate Majority Leader Charles Schumer (D–N.Y.) said in its Friday announcement.
The senator also contends the expansion will “help strengthen this vital supply chain for America’s national security.”
(Sponsored)
What Distressed Property Owners Might Expect From the IRS
The commercial real estate market has been rough for some time, and the residential market has seen wild fluctuations. Inflation, high interest rates and decreased demand for office space have
The Importance of a Quality of Earnings Study
Are you planning to buy a business or sell your own business? If yes, then it is highly recommended to get a Quality of Earnings (QoE) study done. A QoE
Schumer explained that the proposed CHIPS award will support Corning’s planned $315 million investment that will boost glass production in Canton. Corning Inc. is one of the largest industrial employers in the North Country, Schumer’s office noted.
To carry out the expansion, Corning will work with local unions, including United Steelworkers Local 1026, which represents Corning’s glass-making workforce at the Canton facility and will represent applicable new workers.
Specifically, Corning Inc. plans to increase the production of high purity fused silica and ultra-low expansion glass, which are key components of deep ultraviolet (DUV) and extreme ultraviolet (EUV) lithography machines and photomasks, Schumer’s office said.
DUV and EUV technology are important to semiconductor manufacturing, and this project will improve EUV performance with a lower carbon footprint.
“We are grateful for Majority Leader Schumer’s vision and tireless efforts to strengthen the domestic semiconductor supply chain through the direct funding award and the Advanced Manufacturing Investment Credit created by the CHIPS and Science Act,” Wendell Weeks, chairman and CEO of Corning Inc., said in the Schumer announcement. “This strategic investment will help our Canton, New York facility continue to expand production of advanced optics components and create up to 130 good paying jobs that are critical to making the world’s most complex microchips.”
