New Corning Venture to Invest In and Manage Optical Fiber Cable Plants in Southeast Asia and China

Business Wire, Dec 9, 1996

CORNING, N.Y.--(BUSINESS WIRE)--Dec. 9, 1996--Corning Incorporated (NYSE:GLW) today announced the formation of Biccor Pte. Ltd., a holding company to be 40 percent owned by its subsidiary Corning International Corporation and 60 percent owned by BICC Cables-Asia Pacific Pte. Ltd. (BCAP). Terms were not disclosed.

Biccor will hold investments in and manage optical fiber cable plants in South East Asia and China. In particular, it will identify and invest in optical fiber cable opportunities in individual markets; act as a "turn- key" in building and commissioning manufacturing capabilities; and supervise each cable venture's ongoing operations. Biccor, which will be headquartered in Singapore, will consider both "greenfield" and existing- operation optical fiber cable ventures.

"Biccor is being created to provide us with a means for rapidly addressing demand for optical fiber in South East Asia and China, markets that in aggregate are forecast to experience extraordinary growth between now and 2006." said Roger G. Ackerman, Chairman and Chief Executive Officer of Corning Incorporated.

"Biccor will seek to gain a competitive advantage by manufacturing in national markets and partnering, where appropriate, with local business interests to gain connections, insight and a local 'identity,' " concluded Mr. Ackerman.

BICC plc Chief Executive, Alan Jones, said, "This agreement further expands and deepens our already strong and profitable relationship with Corning. We have a number of promising opportunities for optical cable manufacture and supply in the region and will now be in a stronger position to carry these forward."

Corning has appointed Lawrence D. McRae, currently Division Vice President - Global Development, Telecommunications Products Division, as Corning's executive in the venture. Corning will name three Directors to Biccor's seven-person Board.

BCAP is a 50/50 joint venture between BICC plc (a leading international cable company that is Corning's partner in a separate fiber venture, Optical Fibres) and Metal Manufactures Ltd. (Corning's partner in a separate fiber venture, Optical Waveguides Australia Pty. Limited). BCAP was established in 1994 to explore opportunities in telecom, datacom and energy cables in the Asia-Pacific region. Metal Manufactures is majority owned by BICC.

Established in 1851, Corning Incorporated creates leading-edge technologies for the fastest growing segments of the world's economy. Corning manufactures optical fiber, cable and components, high-performance glass and components for televisions, and other electronic displays for communications and communications-related industries; advanced materials for the scientific, life sciences and environmental markets; and consumer products. Corning's total revenues from continuing operations in 1995 were $3.3 billion.

CONTACT: Corning Incorporated Investor Relations Contacts:

Richard B. Klein, (607) 974-8313;

Katherine M. Dietz, (607) 974-8217

or

Kathryn C. Littleton

Corning Incorporated

(607) 974-8206