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To: pat mudge who wrote (3602)	12/7/2000 7:35:48 AM
From: Wyätt Gwyön	Read Replies (4) \| Respond to of 3951

Corning Announces Second Major Expansion at Concord, N.C. Optical Fiber Manufacturing Facility Advance Funding For New U.S. Optical Fiber Manufacturing Facility Also Approved By Corning's Board of Directors Corning, New York, December 6, 2000 -- Corning Incorporated (NYSE:GLW) announced today that its board of directors has approved a plan to invest $450 million in capital expenditures to further expand its Concord, North Carolina optical fiber manufacturing facility, soon to be the largest fiber plant in the world. In addition, advanced funding has been approved for preliminary engineering activities and site selection for a new U.S. optical fiber manufacturing facility. The site selection for the new plant is expected to be complete and announced within the next few months. The company previously stated that it expects to grow its fiber manufacturing capacity by 20% in 2001. Today’s announcement, in conjunction with current expansion programs will allow Corning to increase its fiber manufacturing capacity at a rate of at least 25% per year through 2004, in line with the fiber market demand forecast published by Kessler Market Intelligence. “The increased fiber capacity made possible through the expansion of Concord and the addition of a new facility enables us to keep pace with the tremendous worldwide demand for Corning’s optical fiber, particularly our leading edge LEAF® and MetroCor fibers. Our significant contract announcements with key network providers confirm the strong value propositions of our fiber products,” said Alan Eusden, senior vice president and general manager, Optical Fiber, Corning Incorporated. Construction on this Concord facility expansion is expected to begin immediately, with the additional capacity being realized in 2003 and 2004. Development plans for the new site are intended to begin in the first half of 2001, with initial production expected in 2004. This announcement is the latest in a series of Corning optical fiber expansions during 2000. In September, Corning announced a $50 million upgrade and expansion of its Deeside, North Wales optical fiber manufacturing plant. Corning also announced plans in February to invest $750 million in capital expenditures to expand and enhance its Wilmington and Concord, North Carolina plants, and its Noble Park facility in Victoria, Australia. 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. Corning Contacts: Lisa A. Burns (607) 974-4897 burnsla@corning.com M. Elizabeth Dann (607) 974-4989 dannme@corning.com Corning Investor Relations Contact: Katherine M. Dietz (607) 974 8217 dietzkm@corning.com Press Release Listing Top of Page