SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
__________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: (Date of earliest event reported) May 15, 1995
CORNING INCORPORATED
(Exact name of registrant as specified in its charter)
New York 1-3247 16-0393470
_________________________________________________________________
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
One Riverfront Plaza, Corning, New York 14831
_________________________________________________________________
(Address of principal (Zip Code)
executive offices)
(607) 974-9000
_________________________________________________________________
(Registrant's telephone number, including area code)
N/A
_________________________________________________________________
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
On May 15, 1995, Dow Corning Corporation announced that it had
voluntarily filed for protection under Chapter 11 of the United
States Bankruptcy Code with the United States Bankruptcy Court
in Bay City, Michigan. Dow Corning is a 50 percent owned equity
investment of Corning Incorporated and The Dow Chemical Company.
Attached for filing as an exhibit hereto is the press release of
Corning Incorporated dated May 15, 1995 with respect to such
announcement.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
Exhibits:
The Registrant's Press Release of May 15, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
CORNING INCORPORATED
Registrant
Date: May 16, 1995 By /s/ M. Ann Gosnell
M. Ann Gosnell
Assistant Secretary
<PAGE>
EXHIBIT
Kathryn C. Littleton
(607) 974-8206
John H. Abrams
(607) 974-8832
IMMEDIATE RELEASE
May 15, 1995
CORNING INCORPORATED ISSUES STATEMENT
IN RESPONSE TO DOW CORNING ACTION
Corning, NY, May 15 -- In response to the announcement
earlier today that Dow Corning Corporation has voluntarily chosen
to file a petition for reorganization under Chapter 11 of the
Federal Bankruptcy Code, a spokesman for Corning Incorporated
said today, "We understand and support Dow Corning's decision to
seek the protection of the court so that it may continue to
conduct its business and address the many aspects of this issue
and the attendant litigation in a rational, organized fashion.
Although it is unfortunate that these matters could not be
resolved outside of Chapter 11, we believe today's action will
eventually allow Dow Corning to emerge from the current
environment as the ongoing, viable business it is."
The accounting impact this Dow Corning action will have on
Corning is still being evaluated. However, it is possible that
Corning will be required to write-off its investment in, and
discontinue recognition of equity earnings from Dow Corning. The
book value of Corning's investment in Dow Corning is
approximately $364 million and Dow Corning contributed $73
million to earnings before special charges in 1994, or
approximately $0.35 per share.
Dow Corning is a 50 percent owned equity investment of
Corning Incorporated and The Dow Chemical Company.
Corning Incorporated (NYSE:GLW) is a Fortune 500 company
with annual sales of $4.8 billion. From its headquarters in
Corning, NY, it operates international businesses which focus on
the communications, life sciences, environment and consumer
housewares markets.
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