Fiber Giant Establishes Headquarters in Shanghai

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Last updated at: (Beijing Time) Friday, March 22, 2002

Fiber Giant Establishes Headquarters in Shanghai

American optical fiber giant Corning Corporation, ranked among the world's top 500 firms by Fortune magazine, established its China headquarters Friday.

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American optical fiber giant Corning Corporation, ranked among the world's top 500 firms by Fortune magazine, established its China headquarters Friday.

Vice-President Clark Kinlin said that he is confident of the market potential of China where the company's investment far exceeded that in other Asian countries.

He said the company planned to invest 200 million U.S. dollars in China this year to start up four new enterprises in Shanghai and other regions.

To date, the company has invested a total of 200 million U.S. dollars in China, and its five subsidiaries in the country, either solely-owned ventures or joint ventures, reported a total sales of nearly one billion U.S. dollars last year.

A cellular porcelain device produced by the company to slash exhaust emissions has been fitted in millions of automobiles in China and most of the optical fiber products manufactured in Shanghai and Chengdu have been used by leading telecommunications companies such as China Telecom, China Netcom and China Unicom.

Now four of Corning's five China enterprises are located in Shanghai, a center of automotive and telecommunications industries in the country.

That's why Corning chose Shanghai as the headquarters of its China operations, Kinlin said.

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