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Technology Stocks : Corning Incorporated (GLW) -- Ignore unavailable to you. Want to Upgrade?

To: Kayaker who wrote (501)	4/17/2000 11:52:00 AM
From: Kayaker	Read Replies (1) \| Respond to of 2260

Corning Incorporated Issues Statement in Response to Pittsburgh Corning Action CORNING, N.Y.--(BUSINESS WIRE)--April 17, 2000--In response to the announcement earlier today that Pittsburgh Corning Corporation has chosen to file a petition for reorganization under Chapter 11 of the Federal Bankruptcy Code, Corning Incorporated (NYSE:GLW - news) issued the following statement: "Corning Incorporated understands and supports Pittsburgh Corning's decision to seek the protection of the court so that it may continue to conduct its business and address the resolution of pending asbestos litigation in a rational and organized manner." Corning will record a non-cash, after-tax charge of approximately $35 million to reflect the write off of its investment in Pittsburgh Corning, to be reported in its first quarter results which will be released after the close of the New York Stock Exchange on April 24. Corning did not anticipate any earnings from Pittsburgh Corning in its 2000 outlook. The company's contribution to Corning's overall earnings in recent years has been insignificant. Pittsburgh Corning is a 50% owned equity investment of Corning Incorporated and PPG Industries, Inc. 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.