Pittsburgh Corning Corporation Files Modified Reorganization
Plan
CORNING, N.Y.--(BUSINESS WIRE)--January 30, 2009--
Corning Incorporated (NYSE:GLW) today announced that on January
29, 2009 Pittsburgh Corning Corporation (PCC) filed a Modified
Third Amended Plan of Reorganization (Plan), which will resolve
certain current and future asbestos claims against Corning, arising
from PCC products or activities. PCC is owned 50 percent by Corning
and 50 percent by PPG Industries, Inc.
The Plan is subject to the approval of the federal bankruptcy
court in Pittsburgh, and a favorable vote of the asbestos claimants
voting on the Plan. Corning's contributions to the settlement trust
formed pursuant to the Plan will begin after certain conditions are
met, and the Plan is approved and no longer subject to appeal. The
approval process could take one year or longer.
Corning's accrued asbestos liability at December 31, 2008,
reflects its contributions under the Plan. For a summary Corning's
PCC-related asbestos litigation, please refer to the Company's
quarterly report on Form 10-Q for the quarter ended September 30,
2008.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 150 years of
materials science and process engineering knowledge, Corning
creates and makes keystone components that enable high-technology
systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass
substrates for LCD televisions, computer monitors and laptops;
ceramic substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery;
and other advanced optics and specialty glass solutions for a
number of industries including semiconductor, aerospace, defense,
astronomy and metrology.
CONTACT: Corning Incorporated
Media Relations:
Daniel F. Collins,
607-974-4197
collinsdf@corning.com
or
Investor Relations:
Kenneth C.
Sofio, 607-974-7705
sofiokc@corning.com
SOURCE: Corning Incorporated
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