Corning Incorporated (NYSE:GLW) shares are trading higher premarket on Monday after the company inked a multi-year agreement with AT&T Inc. (NYSE:T).
The agreement, which is valued over $1 billion, expands AT&T and Corning's decades-long partnership.
The deal entails supplying advanced fiber, cable, and connectivity solutions, supporting AT&T's fiber network expansion and efforts to deliver high-speed internet to more Americans.
AT&T will incorporate Corning's latest Evolv connectivity solutions, including Evolv FlexNAP with Multifiber Pushlok Technology, designed to comply with the Build America, Buy America requirements of the Broadband Equity, Access, and Deployment (BEAD) program.
John Stankey, CEO of AT&T, said, "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."
Wendell P. Weeks, chairman and CEO, Corning Incorporated stated, "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."
In September, Corning provided significant updates to its "Springboard" plan of adding more than $3 billion in annualized sales and shared its strategy to achieve a 20% operating margin by the end of 2026.
Investors can gain exposure to GLW via ProShares Smart Materials ETF (NYSE:TINT) and Professionally Managed Portfolios Otter Creek Focus Strategy ETF (NYSE:OCFS).
Price Action: GLW shares are up 2.25% at $47.29 premarket at the last check Monday.
Image via Shutterstock
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