AT&T and Corning Expand Collaboration with Multi-Year Purchase Agreement

Rhea-AI Summary

AT&T and Corning have announced a multi-year purchase agreement valued at over $1 billion for next-generation fiber, cable, and connectivity solutions. As Corning's largest customer with preferential volume status, AT&T will utilize Corning's Evolv® portfolio to expand its fiber network. The agreement supports AT&T's goal of reaching 30M+ locations by 2025, building on their current coverage of 28.3M consumer and business locations. AT&T will implement Corning's latest Evolv® FlexNAP™ with Multifiber Pushlok® Technology, which complies with BEAD program requirements.

Positive

• Secured preferential volume status as Corning's largest customer
• $1 billion+ agreement value indicates significant network expansion commitment
• Currently serving 28.3M locations with fiber network
• Achieved fifth straight quarter of broadband subscriber growth

Negative

• None.

Insights

Supply Chain Analyst

This $1 billion+ multi-year purchase agreement between AT&T and Corning represents a significant strategic win for Corning's optical communications segment. As AT&T's largest fiber supplier with preferential volume status, this deal secures a substantial revenue stream and strengthens Corning's market position in the growing fiber infrastructure sector.

The agreement's alignment with BEAD program requirements positions Corning favorably for additional government-funded broadband expansion projects. AT&T's commitment to pass 30M+ locations by 2025 provides clear visibility into sustained demand for Corning's Evolv® portfolio products. This deal helps protect Corning's market share as AT&T expands through multiple channels including the Gigapower joint venture with BlackRock.

Telecommunications Infrastructure Analyst

The deployment of Corning's advanced Evolv® FlexNAP™ with Multifiber Pushlok® Technology offers significant operational advantages for AT&T's network expansion. These solutions reduce installation complexity and deployment costs while maintaining high-performance standards - critical factors for AT&T's ambitious fiber rollout plans.

AT&T's recent track record of five consecutive quarters of broadband subscriber growth validates the market demand. The combination of organic investment, the Gigapower venture and open-access agreements creates multiple growth vectors that will drive sustained demand for Corning's connectivity solutions. This positions both companies well in the accelerating fiber infrastructure buildout across the U.S.

Corning’s Evolv® portfolio will help AT&T expand its fiber network with next-generation solutions

DALLAS & CORNING, N.Y.--(BUSINESS WIRE)-- AT&T (NYSE: T) today announced a multi-year purchase agreement with Corning Incorporated (NYSE: GLW) to provide next-generation fiber, cable, and connectivity solutions to support the expansion of AT&T’s fiber network and help bring high-speed internet to more Americans.

AT&T, the largest fiber internet provider in the U.S.*, is expanding its network to bring world-class fiber to more people and places across the country. As Corning’s largest customer with preferential volume status for Corning’s connectivity solutions, AT&T can accelerate its network expansion and enhance network performance while minimizing deployment costs. The agreement, valued at more than $1 billion, builds on the decades-long collaboration between AT&T and Corning.

AT&T will use the latest additions to Corning's Evolv® portfolio of connectivity solutions, including Evolv® FlexNAP™ with Multifiber Pushlok® Technology, which will be compliant with the Build America, Buy America provisions of the Broadband Equity, Access, and Deployment program (BEAD).

“We’ve built the nation’s fastest broadband network,” said John Stankey, CEO of AT&T. “This new multi-year agreement with Corning helps us to connect more households, communities, and businesses with the high-speed, reliable internet they need to thrive in a digital world.”

“As data and bandwidth requirements continue to grow, Corning is committed to the work of ensuring all Americans have access to reliable, high-speed fiber connections,” said Wendell P. Weeks, chairman and CEO, Corning Incorporated. “By extending our longtime relationship with AT&T, we're helping bring the transformational benefits of fiber to more people and communities. We share a fundamental belief that the more people you connect, the more value you create. And optical fiber is bringing people together at an unprecedented scale.”

With the best fixed broadband product, AT&T is expanding its network through organic investment, its Gigapower joint venture with BlackRock, and several recently announced commercial open-access agreements. AT&T recently delivered its fifth straight quarter of broadband subscriber growth, passing 28.3M consumer and business locations and remains on pace to pass 30M+ by the end of 2025.

*Based on the number of fiber to the home households using publicly available data.

About AT&T

We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

About Corning Incorporated

Corning (www.corning.com) is one of the world's leading innovators in materials science, with a 170-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241027311428/en/

Media Relations:

Corning:

John Arwood

(828) 320-3249

arwoodjm@corning.com

Gabrielle Bailey

(607) 684-4557

baileygr@corning.com

AT&T:

Andrea Huguely

(972) 207-8630

andrea.huguely@att.com

Investor Relations:

Corning:

Ann H.S. Nicholson

(607) 974-6716

nicholsoas@corning.com

Source: Corning Incorporated

FAQ

What is the value of AT&T's new agreement with Corning (GLW)?

The multi-year purchase agreement between AT&T and Corning (GLW) is valued at more than $1 billion.

How many locations does AT&T's fiber network currently reach?

AT&T's fiber network currently passes 28.3 million consumer and business locations.

What is AT&T's fiber network expansion goal by 2025?

AT&T aims to pass more than 30 million locations with its fiber network by the end of 2025.

What Corning (GLW) technology will AT&T use in its network expansion?

AT&T will use Corning's Evolv® FlexNAP™ with Multifiber Pushlok® Technology from the Evolv® portfolio of connectivity solutions.