Corning purchases manufacturing site and creates South Korean subsidiary to manage growth in Asia.

CORNING, N.Y.--(BUSINESS WIRE)--July 1, 1996--Corning Incorporated (NYSE:GLW) announced today that it has purchased land for a future catalytic converter substrate manufacturing site near the city of Chonan, South Korea.

The company has also created Corning Korea Co., Ltd., a wholly owned subsidiary in South Korea to manage growing demand for its substrates from Korean and other Asian auto makers.

Demand for catalytic converter substrates in South Korea, the world's fifth largest automobile producing nation, more than doubled between 1990 and 1995. In addition, annual production of automobiles and light-duty trucks in Asia (excluding Japan) is projected to grow more than 60 percent by the year 2000 -- from about 5 million vehicles in 1995 to 8 million vehicles by the turn of the century.

Corning is South Korea's leading supplier of substrates, which it currently supplies from plants in the United States and Germany. The honeycomb-like ceramic substrate made by Corning is used at the heart of the catalytic converter. When coated with a platinum-based catalyst, the substrate converts noxious exhaust gases to harmless exhaust gases and water vapor.

Corning Korea Co., Ltd. will be headquartered in Seoul and will enhance Corning's support of its Korean automotive customers through an expanded marketing, sales and technical presence. The new subsidiary will also market other Corning products in South Korea, including catalytic converter substrates for trucks and buses, Corelle brand consumer products, Pyrex brand scientific labware, ophthalmic lenses, telecommunications components, specialty glass, industrial tubing and advanced materials.

Corning has had a presence in South Korea since 1974 through the Samsung-Corning Company, Ltd. alliance which manufactures panels and funnels for color television picture tubes.

Today's announcement is the latest example of Corning's commitment to growing its core technologies and leveraging those technologies in new and expanding markets around the world.

Established in 1851, Corning Incorporated creates leading-edge technologies for the fastest growing segments of the world's economy. These include optical fiber, cable and components for communications; high-performance glass for televisions and other electronic displays; advanced materials for scientific, environmental and consumer markets; and life sciences for improving the quality of human health. Total revenues for Corning in 1995 were $5.3 billion.

CONTACT: Corning Incorporated

Paul A. Rogoski

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