Corning Announces $300 Million Research and Development Facility Investment

Corning Announces $300 Million Research and Development Facility Investment

April 29, 2007

Multi-year Facility Plan Supports Strategy to Double Rate
of Innovation


    CORNING, N.Y., April 29 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) announced April 26 that its Board
of Directors has approved a $300 million facility
improvement plan for the company's Sullivan Park Research
and Development campus near Corning, N.Y. This plan is
consistent with the company's goals for growth through
innovation from a broadened portfolio of research and
development opportunities. 

    (Logo: http://www.xprn.com.cn/xprn/sa/200612081746.jpg
)

    The expansion plan at Corning's world-leading research
center includes significant renovation of an existing
research and development building and construction of a new
facility. Results are expected to include increased
operational efficiency, flexibility, space utilization and
energy efficiency. All phases of this project are expected
to be completed by 2013, with expenditures phased over the
course of this six-year period. 

    "We have set some aggressive goals for accelerated
innovation at Corning, including an anticipated doubling of
new-business-generating technologies per decade. Ensuring
that we have modern, flexible laboratory space conducive to
the development of a healthy pipeline of innovative
technologies across diverse fields is critical to our
success," said Dr. Joseph A. Miller, executive vice
president and chief technology officer. 

    Corning's deep knowledge in materials science and
process engineering has been focused on high-technology
system components for consumer electronics, mobile
emissions  control, telecommunications and life sciences.
"Reaching beyond these near-term growth areas, we have
multiple emerging technologies that have the potential to
provide Corning with its next wave of growth," Miller
noted. 

    A few of these promising technologies in early-stage
development at Corning include: microreactors for the
manufacture of high-value specialty, fine, and
pharmaceutical chemicals; silicon-on-glass technology,
which is focused on enabling display glass to be
transformed into an "engineered substrate" for
advanced electronic applications; and synthetic green
lasers to enable ultra-compact and ultra-efficient
projection capabilities for mobile consumer electronic
devices. 

    "Next year will mark the 100th anniversary of
research and development at Corning," Wendell P.
Weeks, chief executive officer, added. "As we
celebrate a century of achievements made possible through a
sustained commitment to research, we embrace the challenges
ahead. We will continue to make the necessary investments
in research and development that will lead to the next
generations of growth and long-term success at
Corning." 

    Assistance for this expansion project has been offered
by the Empire State Development Corporation, the New York
State Energy Research and Development Authority, and the
New York State Department of Transportation in the forms
of: a $1.5 million capital grant; up to $1.5 million in
project funding; and up to $750,000 in Industrial Access
Program funding, respectively. The Industrial Access
Program funding is to be applied for by the town or county.


    About Corning Incorporated

    Corning Incorporated ( http://www.corning.com ) is the
world leader in specialty glass and ceramics. Drawing on
more than 150 years of materials science and process
engineering knowledge, Corning creates and makes keystone
components that enable high-technology systems for consumer
electronics, mobile emissions control, telecommunications
and life sciences. Our products include glass substrates
for LCD televisions, computer monitors and laptops; ceramic
substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug
discovery; and other advanced optics and specialty glass
solutions for a number of industries including
semiconductor, aerospace, defense, astronomy and metrology.


    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements
that involve a variety of business risks and other
uncertainties that could cause actual results to differ
materially. These risks and uncertainties include the
possibility of changes or fluctuations in global economic
and political conditions; tariffs, import duties and
currency fluctuations; product demand and industry
capacity; competitive products and pricing; manufacturing
efficiencies; cost reductions; availability and costs of
critical components and materials; new product development
and commercialization; order activity and demand from major
customers; capital spending by larger customers in the
liquid crystal display industry and other businesses;
changes in the mix of sales between premium and non-premium
products; facility expansions and new plant start-up costs;
possible disruption in commercial activities due to
terrorist activity, armed conflict, political instability
or major health concerns; ability to obtain financing and
capital on commercially reasonable terms; adequacy and
availability of insurance; capital resource and cash flow
activities; capital spending; equity company activities;
interest costs; acquisition and divestiture activities; the
level of excess or obsolete inventory; the rate of
technology change; the ability to enforce patents; product
and components performance issues; changes in key
personnel; stock price fluctuations; and adverse litigation
or regulatory developments. These and other risk factors are
identified in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only
as of the day that they are made, and Corning undertakes no
obligation to update them in light of new information or
future events. 


    For more information, please contact:

    Media Relations Contact: 

     M. Elizabeth Dann
     Tel:   [phone]
     Email: [e-mail]

     Lydia Lu
     Tel:   [phone] x1900
     Email: [e-mail]   

    Investor Relations Contact:

     Kenneth C. Sofio
     Tel:   [phone]
     Email: [e-mail]