Corning Acquires Rochester Photonics Corporation; Company is a Technology Leader in Diffractive Optics and Microlens Technology.

CORNING, N.Y.--(BUSINESS WIRE)--Feb. 15, 1999--Corning Incorporated (NYSE: GLW), today announced that it has acquired Rochester Photonics Corporation (RPC), a leading company in the field of diffractive optics and microlenses. Terms of the transaction were not disclosed.

Based in Rochester, New York, RPC has a world-renowned reputation in the most promising technologies emerging in the science of specialty optics. Diffractive optics and microlenses are seen as critical to important growth markets including telecommunications, photonics, optical data storage, optical computing, displays, laser scanning and printing, medical optics, camera lenses, automotive lighting and various other defense and commercial applications. As a result of the sale, RPC will report into Corning-owned U.S. Precision Lens, Inc., (USPL) based in Cincinnati, Ohio.

Commenting on the transaction Norm Garrity, president of Corning Technologies stated that the acquisition of RPC will compliment the efforts of USPL. "The acquisition of RPC is a win-win situation for all parties," Garrity said. "RPC is developing leading-edge specialty optics and has distinctive competencies in designing, analyzing and prototyping this technology. USPL is well known for its proprietary technical positions in advanced optics, as well as its extensive customer relationships and low-cost/high quality manufacturing capability.

"With RPC reporting into USPL, both companies are better positioned for future earnings growth made possible through the sharing of a diversified technology base that will enable them to gain entry into new markets."

Michael Morris, chief executive officer of Rochester Photonics Corporation agrees with Garrity's assessment. "The acquisition greatly enhances our ability to transition leading-edge technology developed at RPC into high volume commercial products," Morris said. "The merging of RPC's design and prototyping expertise with USPL's world-class manufacturing capabilities provides our customers the full spectrum of support needed to rapidly introduce new optical and photonic products into the marketplace."

Founded in 1930, U.S. Precision Lens, Inc. is a wholly-owned subsidiary of Corning Incorporated and the world's largest manufacturer of lens systems for projection video, and a specialist at making lenses from optical plastics. More information on the company is available at http://www.uspl.com, USPL's website.

Established in 1851, Corning Incorporated creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic components for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning's total revenues in 1998 were $3.5 billion. More information on the company is available at http://www.corning.com, Corning's website.