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65-536: The Multiple Mirror Telescope operated between 1979 and 1998 with six honeycombed borosilicate mirrors by Corning , each with a diameter of 72 inches (1.8 m), which were donated by the NRO after cancellation of the reconnaissance mission KH-10 (codename DORIAN) based on the Manned Orbiting Laboratory . These mirrors were providing the equivalent gathering area of a 4.5-meter telescope, making it

130-1018: A temporary partnership for the purpose of carrying out a particular project, such partnership can also be called a joint venture where the parties are " co-venturers ". The venture can be a business JV (for example, Dow Corning), a project/asset JV intended to pursue one specific project only, or a JV aimed at defining standards or serving as an "industry utility" that provides a narrow set of services to industry participants. Some major joint ventures include United Launch Alliance , Vevo , Hulu , Virgin Media O2 , Penske Truck Leasing , and Owens-Corning . According to Gerard Baynham of Water Street Partners, there has been much negative press about joint ventures, but objective data indicate that they may actually outperform wholly owned and controlled affiliates . He writes, "A different narrative emerged from our recent analysis of U.S. Department of Commerce (DOC) data, collected from more than 20,000 entities. According to

195-439: A 2.2 percent average ROA, while wholly owned and controlled affiliates in the U.S. only realized a 0.7 percent ROA." In European law , the term "joint venture" is an exclusive legal concept, better defined under the rules of company law . In France , the term "joint venture" is variously translated as "association d'entreprises", "entreprise conjointe", "coentreprise" or "entreprise commune". A JV can be brought about in

260-470: A cash transaction approximately $ 900 million. Acquisition closed during 2018; 3M Communication Market Division became part of Corning Optical Communications business unit. As of 2024 : Joint venture A joint venture ( JV ) is a business entity created by two or more parties, generally characterized by shared ownership , shared returns and risks , and shared governance. Companies typically pursue joint ventures for one of four reasons: to access

325-532: A change in telescope design; all major optical telescopes since the MMT have been built with altitude-azimuth mounts. Several technologies pioneered at the MMT contributed to the success of the subsequent generation of large telescopes. These included: high dynamic-range servos for the altitude-azimuth mount; highly accurate pointing that eliminated the need for sky charts; co-alignment and co-phasing of multiple telescopes; improvements to optical performance by attention to

390-453: A chemically hardened outer layer, and its manufacture incorporated an ion exchange and a "fusion process" in special furnaces that Corning built in its Christiansburg, Virginia facility. Corning developed it as an alternative to laminated windshields with the intention of becoming an automotive industry supplier. After being installed as side glass in a limited run of 1968 Plymouth Barracudas and Dodge Darts, Chemcor windshields debuted on

455-526: A company. By its formation, the JV becomes a new entity with the implications that: On the receipt of the Certificate of Incorporation, a company can commence its business. This is a legal area and is fraught with difficulty as the laws of countries differ, particularly on the enforceability of "heads of" or shareholder agreements. For some legal reasons, it may be called a Memorandum of Understanding . It

520-529: A decade, losing 30 million dollars over the previous five years. In February 2011, Corning acquired MobileAccess Networks, an Israeli company that develops Distributed antenna systems , which are often used by universities, stadiums and airports to ensure seamless wireless coverage throughout a facility. MobileAccess Networks became part of Corning's telecommunications business unit. In July 2017, Corning acquired SpiderCloud Wireless . In December 2017, Corning acquired all of 3M Communication Market Division, in

585-459: A fiber with only 4 dB/km, using germanium oxide as the core dopant . Such low attenuations made fiber optics practical for telecommunications and networking . Corning became the world's leading manufacturer of optical fiber. In 1977, considerable attention was given to Corning's Z Glass project. Z Glass was a product used in television picture tubes. Due to a number of factors, the exact nature of which are subject to dispute, this project

650-403: A high-purity fused silica employed in microlithography systems, a low expansion glass utilized in the construction of reflective mirror blanks, windows for U.S. Space Shuttles , and Steuben art glass . The number of Corning facilities employing the traditional tanks of molten glass has declined over the years, but it maintains the capacity to supply bulk or finished glass of many types. Corning

715-504: A honeycomb structure, in the interior of a rotating oven . This made it possible to replace the six mirrors with a single 6.5-meter mirror. The original building and part of the structure were reused. The new mirror was the first of its size to be cast and polished in the Steward Observatory Mirror Laboratory. The updated MMT, its name no longer an acronym, was rededicated on 20 May 2000. In late 2002,

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780-645: A long history of community development and has assured community leaders that it intends to remain headquartered in its small upstate New York hometown. Corning Glass Works was founded in 1851 by Amory Houghton , in Somerville, Massachusetts , originally as the Bay State Glass Co. It later moved to Williamsburg, Brooklyn , and operated as the Brooklyn Flint Glass Works. The company moved again to its ultimate home and eponym,

845-419: A new market, particularly emerging market ; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities. Most joint ventures are incorporated, although some, as in the oil and gas industry , are "unincorporated" joint ventures that mimic a corporate entity. With individuals, when two or more persons come together to form

910-552: A novel deformable secondary mirror was added to the telescope. While other adaptive optics designs do their corrections with additional mirrors, minimizing the number of warm surfaces in the light path produces better results in infrared wavelengths. The MMT AO system contributed to the design of the Large Binocular Telescope , which achieved record breaking Strehl ratios with its AO system in 2010. From 2004 to 2010, approximately 8% of MMT observing time

975-601: A partnership with bottle maker Owens-Illinois , which formed the company known today as Owens Corning . Owens Corning was spun off as a separate company in 1938. The company had a history of science-based innovations following World War II and the strategy by management was research and "disruptive" and "on demand" product innovation. In 1962, Corning developed Chemcor, a new toughened automobile windshield designed to be thinner and lighter than existing windshields, which reduced danger of personal injury by shattering into small granules when smashed. This toughened glass had

1040-496: A principal disadvantage is absence of an interested and influential Chinese party. As of the 3rd Quarter of 2004, WFOEs had replaced EJVs and CJVs as follows: (*)=Financial Vventures by EJVs/CJVs (**)=Approved JVs These enterprises are formed under the Sino-Foreign Investment Act. The capital is composed of value of stock in exchange for the value of the property given to the enterprise. The liability of

1105-404: Is allowed to enter into contracts with appropriate government authorities to acquire land use rights, rent buildings, and receive utility services. In this it is more similar to a CJV than an EJV. WFOEs are expected by PRC to use the most modern technologies and to export at least 50% of their production, with all of the investment is to be wholly provided by the foreign investor and the enterprise

1170-447: Is also a major manufacturer of ceramic emission control devices for catalytic converters in cars and light trucks that use gasoline engines. The company is also investing in the production of ceramic emission control products for diesel engines as a result of tighter emission standards for those engines both in the U.S. and abroad. In 2007, Corning introduced an optic fiber, ClearCurve , which uses nanostructure technology to facilitate

1235-604: Is described below. The EJV Law is between a Chinese partner and a foreign company. It is incorporated in both Chinese (official) and in English (with equal validity), with limited liability. Prior to China's entry into WTO – and thus the WFOEs – EJVs predominated. In the EJV mode, the partners share profits, losses, and risk in equal proportion to their respective contributions to the venture's registered capital. These escalate upwardly in

1300-470: Is done in parallel with other activities in forming a JV. Though dealt with briefly for a shareholders' agreement , some issues must be dealt with here as a preamble to the discussion that follows. There are also many issues which are not in the Articles when a company starts up or never ever present. Also, a JV may elect to stay as a JV alone in a "quasi partnership" to avoid any nonessential disclosure to

1365-500: Is engaged in research and development on green lasers , mercury abatement, microreactors , photovoltaics, and silicon on glass. Through its Life Sciences division, the company offers products to support life science research, including stem-cell culture products. In September 2019, Apple announced that it would invest $ 250 million in Corning, in an effort to develop and manufacture the glass needed for many of its products, including

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1430-461: Is involved in two joint ventures : Dow Corning and Pittsburgh Corning. The company completed the corporate spin-offs of Quest Diagnostics and Covance (now Fortrea ) in January 1997. Corning is one of the main suppliers to Apple Inc. Since working with Steve Jobs in 2007, to develop the iPhone ; Corning develops and manufactures Gorilla Glass , which is used by many smartphone makers. It

1495-566: Is one of the world's biggest glassmakers. Corning won the National Medal of Technology and Innovation four times for its product and process innovations. Corning continues to maintain its world headquarters at Corning, N.Y. The firm also established one of the first industrial research labs there in 1908. It continues to expand the nearby research and development facility, as well as operations associated with catalytic converters and diesel engine filter product lines. Corning has

1560-470: Is what will happen if the firm is dissolved, if one of the partners dies, or if the firm is sold. Often, the most successful JVs are those with 50:50 partnership with each party having the same number of directors but rotating control over the firm, or rights to appoint the Chairperson and Vice-chair of the company. Sometimes a party may give a separate trusted person to vote in its place proxy vote of

1625-515: Is within his total control. WFOEs are typically limited liability enterprises. Like with EJVs, but the liability of the directors, managers, advisers, and suppliers depends on the rules which govern the Departments or Ministries which control product liability, worker safety or environmental protection. An advantage the WFOE enjoys over its alternates is enhanced protection of its know-how but

1690-486: The World Trade Organization (WTO) around 2001 has had profound effects on foreign investment. Not being a JV, they are considered here only in comparison or contrast. To implement WTO commitments, China publishes from time to time updated versions of its "Catalogs Investments" (affecting ventures) prohibited, restricted. The WFOE is a Chinese legal person and has to obey all Chinese laws. As such, it

1755-450: The "constitution" of a company in these countries. The articles of association regulate the interaction between shareholders and the directors of a company and can be a lengthy document of up to 700,000 or so pages. It deals with the powers relegated by the stockholders to the directors and those withheld by them, requiring the passing of ordinary resolutions , special resolutions and the holding of Extraordinary General Meetings to bring

1820-439: The 1970 model year Javelins and AMXs built by American Motors Corporation (AMC) . As there were no mandatory safety standards for motor vehicle windshields, the larger automakers had no financial incentive to change from the cheaper existing products. Corning terminated its windshield project in 1971, after it turned out to be one of the company's "biggest and most expensive failures." However, like many Corning innovations,

1885-459: The DOC data, foreign joint ventures of U.S. companies realized a 5.5 percent average return on assets (ROA), while those companies' wholly owned and controlled affiliates (the vast majority of which are wholly owned) realized a slightly lower 5.2 percent ROA. The same story holds true for investments by foreign companies in the U.S., but the difference is more pronounced. U.S.-based joint ventures realized

1950-640: The Founder at board meetings. Recently, in a major case the Indian Supreme Court has held that Memorandums of Understanding (whose details are not in the articles of association) are "unconstitutional" giving more transparency to undertakings. A JV is not a permanent structure. It can be dissolved when: Joint ventures are risky forms of business partnerships . Literature in business and management has paid attention to different factors of conflict and opportunism in joint ventures, in particular

2015-464: The JV's life, giving the option to the foreign investor, by holding higher equity, obtains a faster rate of return with the concurrent wish of the Chinese partner of a later larger role of maintaining long-term control. The parties in any of the ventures, EJV, CJV or WFOE prepare a feasibility study outlined above. It is a non-binding document – the parties are still free to choose not to proceed with

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2080-536: The US) covering know-how and trademarks and supply-of-equipment agreements. The minimum equity is prescribed for investment truncated, where the foreign equity and debt levels are: There are also intermediary levels. The foreign investment in the total project must be at least 25%. No minimum investment is set for the Chinese partner. The timing of investments must be mentioned in the Agreement and failure to invest in

2145-461: The cases, the status of the formed enterprise is that of a legal Chinese person which can hire labor directly as, for example, a Chinese national contactor. The minimum of the capital is registered at various levels of investment. Other differences from the EJV are to be noted: Convenience and flexibility are the characteristics of this type of investment. It is therefore easier to find co-operative partners and to reach an agreement. With changes in

2210-543: The challenge of fabricating the required optic for his Palomar project. A previous effort to fabricate the optic from fused quartz had failed. Corning's first attempt was a failure, the cast blank having voids. Using lessons learned, Corning was successful in the casting of the second blank. After a year of cooling, during which it was almost lost to a flood, in 1935, the blank was completed. The first blank now resides in Corning's Museum of Glass. In 1935, Corning formed

2275-525: The city of Corning, New York , in 1868, under leadership of the founder's son, Amory Houghton, Jr. In 1915, Corning created an improved heat resistant glass formula and launched Pyrex, the first-ever consumer cooking products made with temperature-resistant glass, in 1915. The California Institute of Technology 's 200-inch (5.1 m) telescope mirror at Palomar Observatory was cast by Corning during 1934–1936, out of low expansion borosilicate glass. In 1932, George Ellery Hale approached Corning with

2340-622: The death of Mao Zedong in 1976, initiatives in foreign trade began to be applied, and law applicable to foreign direct investment was made clear in 1979, while the first Sino-foreign equity venture took place in 2001. The corpus of the law has improved since then. Companies with foreign partners can carry out manufacturing and sales operations in China and can sell through their own sales network. Foreign-Sino companies have export rights which are not available to wholly Chinese companies, as China desires to import foreign technology by encouraging JVs and

2405-503: The directors' decision to bear. A Certificate of Incorporation or the Articles of Incorporation is a document required to form a corporation in the U.S. (in actuality, the state where it is incorporated) and in countries following the practice. In the US, the "constitution" is a single document. The Articles of Incorporation is again a regulation of the directors by the stock-holders in

2470-414: The dot-com market had a major impact on the company, and Corning stock plummeted to $ 1 per share. However, as of 2007 the company had posted five straight years of improving financial performance. The turning point for Corning came when Apple approached it to develop a robust display screen for its upcoming iPhone . Later, other companies also adopted its Gorilla Glass screen. In 2011, Corning announced

2535-644: The expansion of existing facilities and the construction of a Gen 10 facility co-located with the Sharp Corporation manufacturing complex in Sakai, Osaka , Japan. The LCD glass substrate is produced without heavy metals. Corning is a leading manufacturer of the glass used in liquid crystal displays . The company continues to produce optical fiber and cable for the communications industry at its Wilmington and Concord plants in North Carolina. It

2600-471: The following major ways: In the UK , India , and in many common law countries, a joint-venture (or else a company formed by a group of individuals) must file its memorandum of association with the appropriate authority. This is a statutory document which informs the public of its existence. It may be viewed by the public at the office in which it is filed. Together with the articles of association , it forms

2665-423: The government or the public. Some of the issues in a shareholders' agreement are: There are many features which have to be incorporated into the shareholders' agreement which is quite private to the parties as they start off. Normally, it requires noтуОЧ submission to any authority. The other basic document which must be articulated is the Articles, which is a published document and known to members. This repeats

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2730-463: The iPhone, Apple Watch, and iPad. Though not confirmed by either company, the investment could be used to develop new products in the future. Apple had already invested $ 200 million in Corning in 2017. In November 2024, The European Commission announced that Corning Inc. was under investigation for potential antitrust violations related to exclusive supply agreements with mobile phone manufacturers and raw glass processors, which may hinder competition in

2795-567: The indicated time, draws a penalty. Co-operative Joint Ventures (CJVs) are permitted under the Sino-Foreign Co-operative Joint Ventures. Co-operative enterprises are also called Contractual Operative Enterprises. The CJVs may have a limited structure or unlimited – therefore, there are two versions. The limited-liability version is similar to the EJVs in status of permissions – the foreign investor provides

2860-602: The influence of parent control structure, ownership change, and volatile environment. Government procurement regulations, such as the Federal Acquisition Regulation (FAR) in the United States, may specify how joint ventures are to be approached as suppliers or confirm that a joint venture or other form of contractor partnering is seen as a "desirable" arrangement for supplying to government. The FAR states that The Government will recognize

2925-405: The integrity and validity of contractor team arrangements [including joint ventures], provided the arrangements are identified and company relationships are fully disclosed in an offer or, for arrangements entered into after submission of an offer, before the arrangement becomes effective. The Government will not normally require or encourage the dissolution of contractor team arrangements. Under

2990-414: The late 1990s during the dot-com boom, and Corning expanded its fiber operations significantly through the acquisition of telecommunications company Oak Industries and building several new plants. The company also entered the photonics market, investing heavily with the intent of becoming the leading provider of complete fiber-optic systems. Failure to succeed in photonics and the collapse in 2000 of

3055-719: The latest technologies. Under Chinese law, foreign enterprises are divided into several basic categories. Of these, five will be described or mentioned here: three relate to industry and services and two as vehicles for foreign investment. Those five categories of Chinese foreign enterprises are: the Sino-Foreign Equity Joint Ventures (EJVs), Sino-Foreign Co-operative Joint Ventures (CJVs), Wholly Foreign-Owned Enterprises (WFOE), although they do not strictly belong to Joint Ventures, plus foreign investment companies limited by shares (FICLBS), and Investment Companies through Foreign Investors (ICFI). Each category

3120-480: The law, it becomes possible to merge with a Chinese company for a quick start. A foreign investor does not need to set up a new corporation in China. Instead, the investor uses the Chinese partner's business license, under a contractual arrangement. However, under the CJV, the land stays in the possession of the Chinese partner. There is another advantage: the percentage of the CJV owned by each partner can change throughout

3185-402: The majority of funds and technology and the Chinese party provides land, buildings, equipment, etc. However, there are no minimum limits on the foreign partner which allows him to be a minority shareholder. The other format of the CJV is similar to a partnership where the parties jointly incur unlimited liability for the debts of the enterprise with no separate legal person being created. In both

3250-610: The primary mirror in the Hubble Space Telescope . In 1982, Corning launched Chameleon ® Sunglasses and Serengeti ® sunglasses at retail, featuring the exclusive combination of Photochromic and Spectral Control ® technologies in the lenses. In July 2008, Corning announced the sale of Steuben Glass Works to Steuben Glass LLC, an affiliate of the private equity firm Schottenstein Stores Corporation . Steuben Glass had been unprofitable for more than

3315-474: The project. The feasibility study must cover the fundamental technical and commercial aspects of the project, before the parties can proceed to formalize the necessary legal documentation. The study should contain details referred to earlier under Feasibility Study (submissions by the Chinese partner). There is basic law of the PRC concerning enterprises with sole foreign investment controls, WFOEs. China's entry into

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3380-549: The rules applicable to public procurement in the European Union , public bodies may insist that suppliers intending to provide goods and services through a joint partnership accept joint liability for the execution of the contract. According to a 2003 report of the United Nations Conference on Trade and Development , China was the recipient of US$ 53.5 billion in direct foreign investment, making it

3445-440: The same proportion as the increase in registered capital. The JV contract accompanied by the articles of association for the EJV are the two most fundamental legal documents of the project. The Articles mirror many of the provisions of the JV contract. In case of conflict the JV document has precedence. These documents are prepared at the same time as the feasibility report. There are also the ancillary documents (termed "offsets" in

3510-435: The shareholders agreement as to the number of directors each founder can appoint to the board of directors; whether the board controls or the founders; the taking of decisions by simple majority (50%+1) of those present or a 51% or 75% majority with all directors present (their alternates/ proxy ); the deployment of funds of the firm; extent of debt; the proportion of profit that can be declared as dividends; etc. Also significant

3575-845: The small radius bending found in FTTX installations. Gorilla Glass, an outgrowth of the 1960s Chemcor project, is a high-strength alkali- aluminosilicate thin sheet glass used as a protective cover glass offering scratch resistance and durability in many touchscreens. According to the book Steve Jobs by Walter Isaacson, Gorilla Glass was used in the first iPhone released in 2007. On October 25, 2011, Corning unveiled Lotus Glass , an environmentally friendly and high-performance glass developed for OLED and LCD displays. Corning invests about 10% of revenue in research and development , and has allocated US$ 300 million towards further expansion of its Sullivan Park research facility near headquarters in Corning, New York. Corning Incorporated manufactures

3640-424: The specialty glass market. Corning employs roughly 61,200 people worldwide and had sales of $ 14.08 billion in 2021. The company has been listed for many years among Fortune magazine's 500 largest companies, and was ranked #297 in 2015. Although the company has long been publicly owned, James R. Houghton , great-great-grandson of the founder, served as chairman of the board of directors from 2001 to 2007. Over

3705-478: The thermal environment of the facility; contributions to vacuum coatings deposition, optics cleaning, and maintenance; and early experiments in co-phased adaptive optics. One of the reasons for its original multiple mirror design was the difficulty of casting large mirrors. One solution to this problem was found by Roger Angel of Steward Observatory , of the University of Arizona , which casts mirrors having

3770-505: The third largest optical telescope in the world at the time of its dedication. It featured ambitious design innovations including its unusual optical design proposed by Aden Meinel , a co-rotating building and an altitude-azimuth mount . With the exception of the Large Altazimuth Telescope and William Herschel's 40-foot telescope , major optical telescopes prior to the MMT used equatorial mounts . The MMT heralded

3835-438: The unique process to manufacture this automotive glass was resurrected and is today the basis of their very profitable LCD glass business. In the fall of 1970, the company announced that researchers Robert D. Maurer, Donald Keck, Peter C. Schultz, and Frank Zimar had demonstrated an optical fiber with a low optical attenuation of 17 dB per kilometer by doping silica glass with titanium . A few years later they produced

3900-426: The world's largest recipient of direct foreign investment for the first time, to exceed the US. Also, it approved the establishment of nearly 500,000 foreign-investment enterprises. The US had 45,000 projects by 2004 with an in-place investment of over 48 billion. Until recently, no guidelines existed on how foreign investment was to be handled due to the restrictive nature of China toward foreign investors. Following

3965-530: The years Houghton family ownership has declined to about 2%. Wendell P. Weeks has been with the company since 1983 and as of March 2013 was chairman, chief executive officer, and president. Over its 160-year history Corning invented a process for rapid and inexpensive production of light bulbs , including developing the glass for Thomas Edison 's light bulb. Corning was the glass supplier for lightbulbs for General Electric after Edison General Electric merged with Thomson-Houston Electric Company in 1892. It

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4030-413: Was an early major manufacturer of glass panels and funnels for television tubes, invented and produced Vycor (high temperature glass with high thermal shock resistance). Corning invented and produced Pyrex , CorningWare and Visions Pyroceram glass-ceramic cookware, and Corelle durable glass dinnerware. Corning manufactured the windows for US crewed space vehicles , and supplied the glass blank for

4095-575: Was considered a steep loss in profit and productivity. The following year the project made a partial recovery. This incident has been cited as a case study by the Harvard School of Business. In 1998, the kitchenware division of Corning Inc. responsible for the development of Pyrex spun off from its parent company as Corning Consumer Products Company, subsequently renamed Corelle Brands. Corning Inc. no longer manufactures or markets consumer products, only industrial ones. Company profits soared in

4160-685: Was made accessible to the entire astronomical community via the US National Science Foundation 's Telescope System Instrumentation Program (TSIP), administered by the National Optical Astronomy Observatory (NOAO). Corning Inc. Corning Incorporated is an American multinational technology company that specializes in specialty glass , ceramics , and related materials and technologies including advanced optics , primarily for industrial and scientific applications. The company

4225-586: Was named Corning Glass Works until 1989. Corning divested its consumer product lines (including CorningWare and Visions Pyroceram -based cookware, Corelle Vitrelle tableware, and Pyrex glass bakeware) in 1998 by selling the Corning Consumer Products Company subsidiary (later Corelle Brands ) to Borden . As of 2014 , Corning had five major business sectors: display technologies, environmental technologies, life sciences, optical communications, and specialty materials. Corning

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