Corning to Invest Over $315 Million in New York Facility Expansion
Deal News | Jan 17, 2025 | New York Ventures Inc
Governor Kathy Hochul has announced a significant investment by Corning Incorporated in New York's semiconductor industry. Corning, renowned for its specialty glass and ceramics, plans to invest up to $315 million in its Canton facility in St. Lawrence County. This investment will create up to 130 new manufacturing jobs and 175 construction jobs. The expansion focuses on High Purity Fused Silica and EXTREME Ultra Low Expansion glass production, crucial for modern semiconductor manufacturers. This initiative complements federal investments under the CHIPS Incentives Program and solidifies New York State's position as a leader in the semiconductor sector. The state supports this growth with $7 million in performance-based tax credits through the Excelsior Jobs Program. Corning's commitment aligns with New York’s strategy to enhance the semiconductor industry and sustain economic growth.
Sectors
- Semiconductors
- Manufacturing
Geography
- United States – The investment focuses on Corning's facility in Canton, St. Lawrence County, New York, contributing to the U.S.'s semiconductor supply chain.
- New York State – Governor Hochul’s announcement and the investment are centered on New York, aligning with the state's initiatives to bolster its innovation economy and semiconductor industry.
Industry
- Semiconductors – The article discusses Corning's investment in manufacturing components essential for semiconductors, emphasizing New York’s strategic growth in this sector.
- Manufacturing – Corning's expansion of its Canton facility involves significant manufacturing efforts, producing specialty glass required for semiconductor tools.
Financials
- $315 million – The total investment by Corning in its Canton facility, aimed at expanding semiconductor glass production and creating jobs.
- $7 million – Amount in performance-based Excelsior Jobs Program tax credits offered by Empire State Development to support Corning’s investment.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Corning Incorporated | Target | Company | A New York-based leader in specialty glass and ceramics, investing in its Canton facility to expand semiconductor glass production. |
| Empire State Development | Other | Government | Supports Corning’s investment through tax incentives, aiding New York State’s economic and industrial growth strategies. |
| Governor Kathy Hochul | Other | Government | Governor of New York, announcing and supporting Corning’s investment as part of a broader strategy to grow the state’s semiconductor industry. |
| Wendell Weeks | Other | People | Chairman and CEO of Corning Incorporated, leading the company's investment in the Canton facility. |
| Empire State Development President, CEO, and Commissioner Hope Knight | Other | People | Articulated state support for Corning's expansion as part of Governor Hochul’s strategic investments in innovation and talent. |