Capital Allocation Model

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“We’re proud of our performance. Our success stems from the Strategy and Capital Allocation Framework that we introduced more than two years ago, and its focus on what’s best for Corning and its stakeholders.”
- Wendell P. Weeks, Chairman and Chief Executive Officer

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Today, Corning is half-way through the four-year Strategy and Capital Allocation Framework. Our progress on all dimensions of the Framework has been excellent, and we expect to deliver on all of our goals.

In the first two years of the Framework, our cash generation has been on target; we have invested $4.5 billion in planned investments to grow and extend our leadership; and we have returned more than $9 billion to shareholders through share repurchases and dividends.

Over the next two years of the Framework, we plan to invest an additional $5.5 billion in our growth initiatives; and we plan to continue repurchasing shares and paying dividends, totaling at least an additional $3.5 billion over the remainder of the program.

We are investing $10 billion over the four years in our growth and sustained leadership, focusing on RDE&, capital spending and M&A:

  • Research, development, and engineering are critical to sustaining and extending our leadership positions in our markets. From 2016-2019, our plan calls for us to invest a total of $2 billion, and we’re on pace from both an investment and a results perspective.
  • Our capital spending includes investments in both manufacturing capacity and capabilities, in line with our plan to spend $6-7 billion over the four years.
  • For acquisitions, we look for opportunities to gain strategic advantages by strengthening our portfolio or increasing our market reach. The Framework anticipates opportunistically investing $1-3 billion on these types of strategic transactions.

Learn more about the progress we are making through our investments

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