SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 29, 2000
(Date of earliest event reported)
Corning Incorporated
(Exact name of Registrant as specified in its charter)
New York 1-3247 16-0393470
(State of (Commission (IRS Employer
Incorporation) File No.) Identification No.)
One Riverfront Plaza, Corning, New York 14831
(Address of principal executive offices)
(607) 974-9000
(Registrant's telephone number)
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. OTHER EVENTS
The Company owns 50% of the capital stock of Pittsburgh Corning
Corporation (PCC). The other 50% shareholder is PPG Industries Inc.
For over 25 years, PCC and several other defendants have been named
in numerous lawsuits involving claims alleging personal injury from
exposure to asbestos and at February 29, 2000, a significant number
of such claims remain pending. The Company itself is named as a
defendant in only a portion of the cases naming PCC (approximately
10 cases with 12,400 claimants). As claims are set for trial, the
Company has been successful in securing dismissals with prejudice by
filing motions for summary judgment on the grounds that PCC is a
genuine and separate corporation and that no grounds exist for
disregarding PCC's corporate status.
In the first quarter of 2000, PCC incurred adverse verdicts in
five trials involving 19 claimants. The aggregate amount of these
verdicts may exceed $30 million. PCC has advised the Company that
it will vigorously pursue post-trial remedies by motions and appeals
and believes it has meritorious grounds to have the verdicts reduced
or reversed. PCC has also advised the Company that insurance is
available to offset a portion of these verdicts. As a shareholder
of PCC, any loss to the Company would not involve a cash payment by
the Company and would be limited to the diminution in value of,
and/or recording equity losses from, the Company's investment in
PCC, which currently approximates $35 million.
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, hereunto duly authorized.
CORNING INCORPORATED
By: /s/ A. John Peck, Jr.
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A. John Peck, Jr.
Vice President and Secretary
Dated: March 29, 2000
