Corning to Open Optical Fiber Plant Ahead of Schedule To Satisfy Growing Worldwide Demand.

CORNING, N.Y.--(BUSINESS WIRE)--May 27, 1999--

Corning Incorporated (NYSE:GLW), the world's leading manufacturer of optical fiber, announced today that it has accelerated plans to open its new plant near Concord, N.C. in order to meet growing worldwide demand for its optical fiber. The company cited particularly strong demand for LEAF(R), a new optical fiber for high-data-rate applications, as one of the key reasons for beginning production ahead of schedule. Corning has announced a string of LEAF contracts in recent months.

The company said initial production at the Concord plant will now begin in July and that the plant will operate around the clock by August. The company had previously planned to begin production sometime in the fourth quarter.

"The Concord plant enables us to continue to fulfill growing demand from customers around the globe who are expanding telecommunication networks at a faster and faster pace," said Corning's Chairman and Chief Executive Officer Roger G. Ackerman.

According to the company, production will be phased in over the course of the next 18 months. When fully operational in 2001, the Concord plant will boost Corning's fiber-making capacity by approximately 50 percent. The company currently manufactures optical fiber at its facilities in Australia, the United Kingdom, and Wilmington, N.C., which it describes as the largest fiber-producing plant in the world.

The transmission core of LEAF optical fiber is 30 percent larger than other fibers designed for long-distance applications and can transmit a signal further before needing to be amplified. As a result, it is said to be able to reduce network system costs by up to 20 percent.

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 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 1998 were $3.5 billion. More information on the company is available at www.corning.com.