Corning Inc. recently announced that Corning Asahi Video Products Co. (CAV) intends to cease production of cathode ray tube (CRT) television glass typically used in conventional television sets sold into the NAFTA market. As a result, Corning will record pretax charges in the range of $140 million to $170 million in the first half of 2003, of which $62 million ($20 million after-tax and minority interest) will be recorded in Corning's first quarter results. CAV is a partnership between Corning and Asahi Glass America (a wholly owned subsidiary of Asahi Glass Co., Ltd. of Tokyo, Japan). In the first quarter, CAV continued to experience a further weakening of NAFTA CRT glass sales, due in part to increased competitive pressure from imports. These actions come after the executive committee of CAV approved the cessation of production by the end of the second quarter of this year, pending approval by the companies' respective boards. Corning's board has approved this action and Asahi management will also be addressing approval of the closure by board action. The decision will result in the shutdown of CAV's State College, Pa., manufacturing operations and the elimination of approximately 1000 positions.
The company will host a first quarter conference call at 8:30 a.m. ET on April 23, 2003. To access the call, dial (312) 470-0008; the password is Corning, and the leader is Sofio. A replay of the call will begin at approximately 10:30 a.m. ET and will run through 5 p.m. ET, May 7, 2003. To listen, call (402) 220-4617 (no passcode required). To listen to a live audio webcast of the call, visit http://www.corning.com/investor_relations .