<PAGE>
Exhibit 99
CORNING COMPLETES ACQUISITION OF PIRELLI'S OPTICAL
COMPONENTS AND DEVICES BUSINESS
CORNING, N.Y. -- Corning Incorporated (NYSE:GLW) announced today that it has
completed the previously announced acquisition of Pirelli S.p.A's 90% interest
in its optical components and devices business for approximately $3.6 billion in
cash. In a separate transaction, Corning also acquired the remaining 10% of the
company owned by Cisco Systems Inc. for 5,473,684 shares of Corning common
stock.
Pirelli's optical components and devices business, based in Milan, Italy, is a
manufacturer of lithium niobate modulators, pump lasers, certain specialty
fibers and fiber gratings used in optical networks.
The addition of lithium niobate technology will broaden Corning's portfolio as
the company continues to position itself as a leading supplier of photonic
products to optical layer companies. Lithium niobate modulators are ideally
suited for use in high-speed, long haul optical communications networks.
Additionally, the capabilities of Pirelli's optical components business in 980
nm pump lasers for submarine use will directly complement and supplement Corning
Lasertron's terrestrial 980 nm pump capabilities.
Established in 1851, Corning Incorporated (WWW.CORNING.COM) creates leading-edge
technologies for the fastest-growing markets of the world's economy. Corning
manufactures optical fiber, cable and photonic products for the
telecommunications industry; and high-performance displays and components for
television and other communications-related industries. The company also uses
advanced materials to manufacture products for scientific, semiconductor and
environmental markets. Corning's revenues in 1999 were $4.7 billion.
