Corning to expand NC optical fiber plants
Posted February 20, 2017 1:18 p.m. EST
Updated February 20, 2017 1:24 p.m. EST
Corning Inc. (NYSE: GLW) and its Corning Optical Communications subsidiary plan to invest $176 million in facilities in Catawba and Cabarrus counties, creating 410 jobs over the next two years, officials said Monday.
The company will invest $67 million in a new optical cable manufacturing plant in Newton and $109 million to expand its existing optical fiber plant in Midland.
Corning Optical Communications already employs more than 3,000 people in five North Carolina facilities, including two of the world’s largest fiber manufacturing sites in Midland and Wilmington and two of the largest fiber cabling plants in Winston-Salem and Hickory.
The average salary of the positions in Catawba County will be $56,963, which is about $17,000 more than the county average. In Cabarrus County, the average wage at the plant will be $58,146, which is $20,000 more than the county average.
The state Economic Investment Committee approved Job Development Investment Grants of up to $4.7 million for the two projects. The company receives no upfront money but can qualify for rebates of employee withholding taxes if it meets annual job and investment targets over a 12-year period.