Business Analysis of Corning Name of Course Your Name Name of your University Introduction For over 160 years, Corning has been at the forefront of technology, innovation and research (Graham and Shuldiner, 2001 p2). The company has been an important convergence point for many research professionals and experts…
The optical-fiber system enabled the easy transmission of data and voice over extremely wide distances, or billions of kilometers around the globe (Hecht, 1999). The optical-fiber technology was used by telecommunication companies and systems in different parts of the world. It was evolved to support mobile technology and the transmission of satellite information, data and voice messages throughout the world. With time, Corning became a global leader in the production of optical-fiber materials around the world. They became the pioneering entity from 1984 to 2000 where their revenue rose from $100 million to $900 million in the year 2000 (Miller, 2011 p1). However, the telecom bubble burst caused other forms of communication to take over from the fiber-optic technology that Corning had a monopoly over (Matthews, 2002 p445). This led to the quick decline of profits in Corning because they had invested a lot of their capital into controlling the fiber-optic market that they had a full grip on. This led to the decline of the company. There was the need for a quick turnaround in the company and its operations. This paper analyzes Corning as a business entity. The paper will undertake a critical analysis of the organizational systems, strategic patterns and important elements of the organizational structure. This will be discussed in conjunction with the company's history, the 21st Century turnaround and current trends of the company. Organizational Summary (WWR) From its stable growth of about $70 million in turnover each year from the mid-1980s to year 2000, the company now makes higher profits above the $900 million level they reached in 2000 before dipping into a decline. According to Corning, (2012), there has been a tremendously increased volume of trade and revenue. Annual sales for 2011 was $7.9 billion. This shows that a lot has changed in the company to merit such high levels of revenues. The sales figure of $7.9 billion represent 19% increase from the $6.6 billion earned in 2010. Sales volume increased by 7%. This shows that there is a strategy that is supporting the growth and evolution of the company. Earnings per share was $1.77 in 2011. Although this was lower than the increase that was made in 2010, the company again shows that it is increasing investor wealth and this presents a strong case that justifies the fact that it is a growing company. Aside this, the company had free cash flow of $544 million. This implies that they have enough cash in their possessions to finance working capital and other needs that can support it to expand and meet its future objectives and obligations. These indicators announces to the world that Corning is making a lot of improvement in its operations and financial position. The company has had an incredible turnaround that makes it a major player in the global electronic industry. On further analysis of the 2011 financial statements, the information given by Flaws, a Board Member and Chief Financial Officer of the company indicates that there are some important themes that define Corning's current strategy and long-term vision. Growth The company is now focusing on growth. This is based on its vision to capture a larger market share. In order to attain this end, it aims at expanding its asset base. This is being done through mergers, acquisitions and other international ...
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