Corning Reorganizes Its Business Structure Around Five Key Areas Including Optical Communications
Corning has reorganized its business around five key areas, focusing more on the consumer electronics, fixed and mobile network sectors, striving to benefit from the broader synergy of all sectors.
New business groups known as market access platforms (MAPs) include mobile consumer electronics, optical communications, automotive, life sciences and display.
The company's display and telecommunications products generated revenues of US $ 3.2 billion and US $ 4.1 billion in 2019, respectively, and have been the highest source of revenue. Among its specialty glass products, Gorilla Glass alone received 1.2 billion out of $ 1.6 billion.
In addition to providing Gorilla Glass to smartphone OEMs, it also provides screens for smart watches, tablets and laptops. Its telecommunications products include optical fibers for fixed and mobile networks.
Corning Chairman and Chief Executive Officer Wendell Weeks explained in a statement that the restructuring will drive growth by "activating the full power of our cohesive portfolio." However, it will not change the classification in its financial report.