Corning outlines growth targets
Corning Inc recently hosted a meeting with investors and industry analysts in New York City to review the company’s strategic, operational and financial priorities to deliver continued growth and create additional value for shareholders. The 2020-2023 Strategy and Growth Framework will build on the success of the company’s 2016-2019 Strategy and Capital Allocation Framework and capture significant organic growth opportunities for the future. Corning expects 6%-8% compound annual sales growth, driven primarily by organic growth in the company’s market-access platforms.
Optical communications are targeted to grow approximately twice as fast as the passive optical market, driven by 5G and next generation hyperscale data centres, while automotive market sales are predicted to double by 2023, driven by growth in gasoline particulate filters and the company's automotive glass solutions business.
Mobile consumer electronics market sales are set to continue on a path to doubling, as the company captures more value per device and wins in new device categories with Corning Gorilla glass and other innovations, while sales in the life sciences vessels market are likely to grow at least double the industry rate, driven by cell and gene therapy-related demand. In particular, the launch of Valor Glass for pharmaceutical packaging has the potential to become a multi-billion dollar franchise.
To capture near and long-term growth opportunities, Corning expects to invest $10 billion to $12 billion in RD&E, capital and mergers and acquisitions. Its primary focus on organic growth will continue.