WILMINGTON — Corning plans to invest $585 million in its Wilmington optical-fiber manufacturing campus and add 414 jobs over five years after local governments approved performance-based incentives.
WECT reported that Corning announced the expansion Oct. 21 after Wilmington City Council and the New Hanover County Board of Commissioners approved incentive packages earlier in the week. The campus includes one of the world’s largest optical-fiber manufacturing plants.
New Hanover County’s meeting recap says commissioners unanimously approved a $3 million performance-based economic-development grant tied to 414 new jobs over five years.
WECT reported that Wilmington approved a separate $2 million incentive, bringing the two local commitments to $5 million. The planned expansion carries the internal project name “Project Pearl 2.”
The new positions are expected to pay an average salary of more than $85,000, according to WECT. Corning said the hiring would add more than $35 million in annual payroll to the region.
Corning said the expanded operation will supply optical fiber for next-generation networks and support long-term customer agreements. The company has made optical fiber in Wilmington for decades and identifies the campus as the site of the world’s first optical-fiber manufacturing plant.
The investment and jobs remain planned rather than completed. The county grant is performance-based, and the 414 positions are scheduled to be added over five years.