The Strategy & Growth Framework outlines our priorities for 2020-2023. It is aligned with the Strategy and Capital Allocation Framework that we introduced in October 2015, which provided guiding principles for 2016-2019. Under the Strategy and Growth Framework, we expect to deliver 6% to 8% compound annual sales growth and 12% to 15% compound annual earnings growth. We also plan to expand our operating margin and ROIC, and deliver $8 to $10 billion to shareholders, including annual dividend per share increases of greater than 10%.?

The Framework is built on a core leadership philosophy of:

• Operating our businesses exceptionally well?
• Investing to capture profitable growth opportunities that align with our focused portfolio
• De-risking investments through customer commitments
• Distributing cash to shareholders

Under the Strategy and Capital Allocation Framework, we created significant value. We committed to generate more than $26 billion in cash, return more than $12.5 billion to our shareholders through repurchases and dividends, and invest $10 billion to extend our leadership and deliver growth – and we have done exactly what we said we would do. Our strong execution has created a much bigger and stronger Corning.

The new Strategy and Growth Framework defines our leadership priorities through 2023.? It’s our original Framework evolved for a new growth era.

Read more about the Framework below or visit our Investor Relations website >

The Framework focuses our portfolio on a set of reinforcing capabilities with strong interconnections. We are best-in-the-world in three core technologies, four manufacturing and engineering platforms, and five market-access platforms. Corning directs 80 percent or more of our resources to opportunities that draw from at least two of these capabilities sets. We believe this approach increases our likelihood of success, reduces the cost of innovation, creates higher barriers to entry for our competitors, and ultimately delights our customers.

“The core of what we do is invent, make, and sell,” said Wendell P. Weeks, chairman and chief executive officer. “We create value by inventing category-defining products, developing scalable manufacturing platforms, and building strong, trust-based relationships with customers who are leaders in their industries.”

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