Corning Receives Early Antitrust Clearance for Acquisition of Pirelli's Optical Components and Devices Business.

Business Editors

CORNING, N.Y.--(BUSINESS WIRE)--Oct. 25, 2000

Corning Incorporated (NYSE:GLW) announced today that the U.S. Federal Trade Commission Pre-merger Office notified Corning and Pirelli S.p.A., that the government has finished its routine antitrust review of the previously announced transaction and granted early termination of the normal 30-day antitrust waiting period.

On September 27 Corning and Pirelli announced that Corning had agreed to acquire Pirelli's interest in its optical components and devices business for approximately $3.6 billion in cash. Pirelli's optical components and devices business, based in Milan, Italy, is a manufacturer of lithium niobate modulators, pump lasers, certain specialty fibers and fiber gratings used in optical networks.

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.