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) March 1, 1999
CORNING INCORPORATED
(Exact name of registrant as specified in its charter)
New York 1-3247 16-0393470
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(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 March 1, 1999 Corning Incorporated announced that it will
acquire the optical and metallic telecommunications cable
businesses of BICC plc and BICC's 50 percent equity interest in
Optical Waveguides Australia, Pty. Ltd. (OWA) for approximately
$133 million. Corning already owns the remaining 50 percent
equity of OWA, which manufactures and sells optical fiber. Upon
completion of the transaction, BICC's telecommunications
businesses in Australia, Germany, Spain and the United Kingdom
will become wholly owned by Corning Incorporated.
Corning expects that the acquisition of BICC's telecommunications
cable businesses, together with the recently acquired full
ownership of Optical Fibres, will give it a strong international
platform from which it can continue to meet the needs of its
current cable customers. At the same time, it will position
Corning to capitalize on new product and business opportunities
in the worldwide telecommunications marketplace, particularly in
Europe.
BICC, the international engineering group, was a pioneer in
optical cabling in Europe and Asia. The businesses included in
the transaction had 1998 sales approaching $400 million and have
a number of strong long-term relationships with key network
customers in these regions.
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: March 1, 1999 By: /s/ M. ANN GOSNELL
M. Ann Gosnell
Assistant Secretary
