Tuesday, April 18, 2017 11:24:29 AM
[PR Newswire]
PR NewswireApril 18, 2017
NEW YORK, April 18, 2017 /PRNewswire/ -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced a three-year minimum purchase agreement with Corning Incorporated (GLW) to provide fiber optic cable and associated hardware for Verizon to ensure critical coverage and capacity for its nationwide wireless broadband network.
The agreement calls for Corning to provide and Verizon to purchase up to 20 million kilometers (12.4 million miles) of optical fiber each year from 2018 through 2020, with a minimum purchase commitment of $1.05 billion.
Verizon has been reinventing its network architecture around a next-generation fiber platform that will support all of the company's businesses. This new architecture is designed to improve Verizon's 4G LTE coverage, speed the deployment of 5G, and deliver high-speed broadband to homes and businesses of all sizes.
Roger Gurnani, Verizon's chief information and technology architect, commented, "Corning's unique combination of capabilities delivers solutions that provide us with performance and cost advantages as we continue to expand our network coverage and capacity."
In an initial deployment, Verizon launched One Fiber in Boston in 2016 and plans to invest $300 million over six years to deploy it throughout the city.
Viju Menon, Verizon's chief supply chain officer, said: "Our plans identified a shortfall in fiber supply, and Verizon has been working with business teams to forecast demand and fill supply gaps with existing suppliers. Securing the required volume of optical fiber and hardware solutions with Corning will ensure we meet our planned rollout schedules."
Clark Kinlin, executive vice president, Corning Incorporated, said: "We are pleased that Verizon recognizes the value of Corning's innovative solutions in deploying next-generation converged optical infrastructure, such as One Fiber, more quickly and cost effectively. Verizon's purchase commitment supports necessary capacity investments across our manufacturing footprint."
Over the past several months, Corning has announced plans to expand capacity and to invest more than $250 million in its optical fiber, cable and solutions manufacturing facilities to help meet the demand of its global carrier and enterprise customers. Corning expects these capacity expansions to begin to come online in 2017 and become fully operational in 2018.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, has a diverse workforce of 160,900 and generated nearly $126 billion in 2016 revenues. Verizon operates America's most reliable wireless network, with 114.2 million retail connections nationwide. The company also provides communications and entertainment services over mobile broadband and the nation's premier all-fiber network, and delivers integrated business solutions to customers worldwide.
VERIZON'S ONLINE NEWS CENTER: News releases, feature stories, executive biographies and media contacts are available at Verizon's online News Center at www.verizon.com/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Media contacts:
Bob Varettoni, Verizon
908-559-6388
robert.a.varettoni@verizon.com
M. Elizabeth Dann, Corning
607-974-4989
dannme@corning.com
Recent VZ News
- Verizon Business offers business customers pre-orders for the new Google Pixel 8a with Google AI • GlobeNewswire Inc. • 05/07/2024 04:01:00 PM
- Google AI meets bold style at an affordable price: Preorder the Pixel 8a on Verizon today • GlobeNewswire Inc. • 05/07/2024 03:55:00 PM
- Verizon to donate $70K, celebrate Latino community in Chicago • GlobeNewswire Inc. • 05/07/2024 02:00:00 PM
- Form 424B2 - Prospectus [Rule 424(b)(2)] • Edgar (US Regulatory) • 05/06/2024 07:19:02 PM
- Form 424B2 - Prospectus [Rule 424(b)(2)] • Edgar (US Regulatory) • 05/06/2024 05:56:00 PM
- Verizon Frontline and NOAA to partner on advanced disaster response research • GlobeNewswire Inc. • 05/06/2024 04:40:27 PM
- Cummins, Verizon Business ink groundbreaking deal for combo Neutral Host + Private 5G network • GlobeNewswire Inc. • 05/06/2024 01:30:00 PM
- Verizon Business to spotlight the fast-changing cybersecurity landscape and how to manage it at RSA Conference™ • GlobeNewswire Inc. • 05/03/2024 04:39:54 PM
- Verizon Is Ready To Keep You Connected Throughout The 2024 Hurricane Season • GlobeNewswire Inc. • 05/02/2024 12:00:00 PM
- 2024 Data Breach Investigations Report: Vulnerability exploitation boom threatens cybersecurity • GlobeNewswire Inc. • 05/01/2024 04:33:19 AM
- 2024 Data Breach Investigations Report: Half of the Breaches in EMEA are Internal • GlobeNewswire Inc. • 05/01/2024 04:01:00 AM
- Verizon donates $20,000 to the American Red Cross for disaster relief efforts in Oklahoma • GlobeNewswire Inc. • 04/30/2024 10:09:37 PM
- Verizon Business kicks off 2024 Innovation Sessions in Chicago’s historic Soldier Field • GlobeNewswire Inc. • 04/30/2024 04:30:00 PM
- Verizon partners with Latina-owned small business Hija de tu Madre for exclusive Mother’s Day merch • GlobeNewswire Inc. • 04/30/2024 04:00:00 PM
- Houston Dynamo Football Club and Verizon extend partnership agreement for 2024 season • GlobeNewswire Inc. • 04/30/2024 02:00:00 PM
- Verizon receives 2024 ENERGY STAR Award for 12th consecutive year • GlobeNewswire Inc. • 04/26/2024 01:00:00 PM
- Verizon to award $25K crisis-response grant to Maryland Tough Baltimore Strong Key Bridge Fund • GlobeNewswire Inc. • 04/26/2024 12:00:00 PM
- Verizon gives customers more peace of mind with enhanced Home Device Protection service • GlobeNewswire Inc. • 04/25/2024 01:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:30:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon readies for 2024 wildfire season • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
- Verizon to offer Latin music fans the chance to win a VIP experience at La Onda • GlobeNewswire Inc. • 04/24/2024 08:00:00 PM
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM