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 5, 1997
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)
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Item 5. Other Events.
On May 5, 1997 Corning Incorporated announced that it is
exploring the divestiture of its worldwide consumer housewares
business and that its intention is to complete a transaction by
the end of 1997. Attached for filing as an exhibit hereto is the
press release of Corning Incorporated dated May 5, 1997 with
respect to such announcement.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
Exhibits:
The Registrant's Press Release of May 5, 1997.
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 5, 1997 By /s/ M. Ann Gosnell
M. Ann Gosnell
Assistant Secretary
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EXHIBIT
FOR IMMEDIATE RELEASE Contact:
MAY 5, 1997 Kathryn C. Littleton
(607) 974-8206
Todd Fogarty
(212) 593-2655
Corning Incorporated To Explore Divestiture
of Consumer Housewares Business
Corning, NY, May 5 -- Corning Incorporated (NYSE:GLW) said
today that it is exploring the divestiture of its worldwide
consumer housewares business. The business generated revenues in
1996 of approximately $630 million. Corning's total revenues in
1996 were $3.7 billion.
Corning said its intention is to complete a transaction by
the end of 1997. The company has retained Goldman, Sachs & Co.
to assist it with the divestiture process. Corning said it
intends to use the proceeds from a completed transaction to
invest for future growth in its communications, environmental and
advanced materials businesses, and to improve its balance sheet.
Corning Chairman and Chief Executive Officer Roger G.
Ackerman said, "Corning is at an important juncture in its
history. Last year, we successfully completed the spin-off of
our healthcare services businesses, and, when this transaction is
completed, we will be fully focused on pursuing growth
opportunities in our core communications, environmental and
advanced materials businesses. These are the areas where we are
best able to apply our materials and process technology
capabilities and create value for customers and shareholders.
"This decision is the latest step in the deliberate
implementation of our strategy to concentrate on high-growth,
technology-driven businesses," said Mr. Ackerman. "Corning has
reinvented itself in such a manner numerous times in the past
and, in doing so, has exited businesses, while creating new
businesses that secure our future, such as fiber optics, optical
cable, photonic technologies and liquid-crystal-display glass.
"The financial performance of our consumer products business
has improved substantially," added Mr. Ackerman. "However, as we
assessed the business relative to our strategic direction, it was
apparent that this business was not a clear fit with our areas of
concentration.
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"Corning will consider the ongoing well-being of the
business, as well as interests of employees and the communities,
as major factors in our evaluation of any proposal," concluded
Mr. Ackerman.
The company said that, during the divestiture process, the
consumer housewares business operations will continue as usual.
All aspects of customer service will remain in place and current
employees will continue to manage and operate the business.
Corning entered the consumer housewares business in 1915
with its invention of Pyrex bakeware and, today, the business is
renowned for its leading brand-name products -- Corelle, Corning
Ware, Pyrex, Revere Ware and Visions. The worldwide business
today employs approximately 3,500 people at some 20
manufacturing, distribution and administrative facilities in
Asia, Australia, Canada, Latin America and the United States.
Established in 1851, Corning Incorporated creates leading-
edge technologies for the fastest growing segments of the world's
economy. Corning manufactures optical fiber, optical cable, and
photonic components, high-performance glass and components for
televisions, and other electronic displays for communications and
communications-related industries; advanced materials for the
scientific and environmental markets and consumer products.
Corning's total revenues in 1996 were $3.7 billion.
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Investor Relations Contacts:
Richard B. Klein, (607) 974-8313
Katherine M. Dietz, (607) 974-8217
Editors' Note: The following trademarks of Corning Incorporated
appear in this press release: Corelle, Corning
Ware, Pyrex, Revere Ware, Steuben, Visions.
