Corning Businesses

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Established in 1851, Corning is a large company with offices and manufacturing plants in six continents. At the beginning of the 2001 Corning employed a global work force of over 41,000. In 2000 Corning took in sales of $7,127.1 million up 50.32% from 1999 when sales were $4,741.1 million. Since 1996 when sales were $3,328 million sales have risen 114.16 %, an average increase of 28.54% per year. However on new assets instead of spacing out the amortization expense each year, Corning estimates what the whole expense will be for the life of the asset and takes that expense in year of purchase. So since in 2000 when Corning expanded, its amortization expense was extremely high. Even though Corning?s sales went up, their net income went down from $515.8 million in 1999 to $422 million in 2000. With all the expanding Corning did in 2000 the company?s total assets increased 168.55%

from $6,526 in 1999 to $17,525.7 million in 2000.

Corning Incorporated creates leading-edge technologies for the fast growing markets of the world?s economy in three major business sectors. Corning manufactures optical fiber, cable and photonic products for the telecommunication industry; and high performance displays and components for television and other communication related industries. Corning also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning offers a range of optical fiber products designed to perform in a variety of applications, including long-haul, submarine, metro, access and premises and leads the telecommunications industry in the development of new fiber designs. Telecommunications is the biggest and most profitable business for Corning and can be classified as its core business. Sales in the telecommunications segment increased over 73% from 1999 to 2000. In 2000 in this segment alone Corning took in $5,120.7 million net sales. This accounts for over...