Corning Investing $55 Million In Precision Lens Business To Increase Capacity 60 Percent.

Business & Health Editors

CORNING, N.Y.--(BUSINESS WIRE)--Oct. 4, 2000

Driven by increasing industry demand expansion

is expected to create 300 additional jobs

Corning Incorporated (NYSE:GLW) announced today that its board of directors has approved a nearly $55 million investment in Corning Precision Lens Inc., to increase production of its rear projection TV lens assemblies (PTV). The capital expenditure, which is the third and final phase of an expansion totaling more than $79 million, will be used to construct and equip an additional facility at the business' headquarters in Cincinnati, Ohio.

When completed in 2002, the expansion will allow Corning Precision Lens, Inc. to increase its overall capacity in PTV assemblies by more than 60% and create an additional 300 manufacturing jobs. The expansion is in response to rapidly growing demand for Corning Precision Lens' products by key customers in the increasingly strong projection television business.

"Corning Precision Lens Inc. has been, and continues to be, well positioned for significant growth in this thriving marketplace," noted Robert L. Ecklin, Corning's executive vice president, Environmental and Corporate Marketing. "With this latest expansion, the company again demonstrates its commitment to providing its customers with the highest quality products and the most reliable supply in the industry."

Corning Precision Lens President and CEO, David E. Szkutak added, "We are pleased to be expanding our world class manufacturing facilities in Cincinnati to meet the future market demand for our industry leading PTV lens assemblies."

Market demand for Corning Precision Lens' PTV lens assemblies is growing rapidly, as evidenced by a year-over-year increase in sales of approximately 30%. Fueled by a confident consumer economy, current industry projections indicate the global market for PTV is expected to increase by at least 25% per year through 2004.

Founded in 1930, Corning Precision Lens, Inc. is a wholly-owned subsidiary of Corning Incorporated and is the world's largest manufacturer of lens systems for projection video, and a specialist at making lenses from optical plastics and glass. More information on the company is available at www.corning.precisionlens.com.

Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products 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 revenues in 1999 were $4.7 billion.

Forward-Looking Cautionary Statements

Except for historical information and discussions contained herein, statements included in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause results to differ materially, as discussed in the company's filing with the Securities and Exchange Commission.