- Glassmaker Corning ( NYSE: GLW ) on Thursday said it would get $103.8M in additional funding for its planned manufacturing expansion of medical glass tubing and vials in a bid to strengthen the U.S. domestic pharmaceutical supply chain.
- The additional funding will come from the U.S. Biomedical Advanced Research and Development Authority (BARDA) in partnership with the an executive office of the Department of Defense, GLW said in a statement .
- As per the new agreement, Corning ( GLW ) will continue to expand pharmaceutical tubing manufacturing capacity in Vineland, New Jersey, and vial manufacturing capacity in Durham, North Carolina.
- The additional funding for GLW's manufacturing expansion comes at a time when the last two years of the pandemic uncovered pharmaceutical supply chain issues and led to a massive increase in demand for medical glass containers and vials amid COVID-19 vaccinations.
- GLW stock -0.2% to $32.86 in early trading.
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Corning gets ~$104M in additional funding for planned glass tubing & vial manufacturing