Corning Inc. recently announced that it has completed the sale of Corning Precision Lens, Inc., a wholly owned subsidiary of Corning Inc., to 3M for $850 million in cash. Concluding a transaction that was originally announced on November 12, 2002, Corning divested its precision lens business to raise cash to strengthen its balance sheet and to support of one of the company's strategic initiatives for 2002 -- protecting its financial health. Corning also announced that the Plan of Reorganization of Dow Corning Corp. cleared a major hurdle on December 11, 2002, when U.S. District Court Judge Denise Page Hood entered supplemental findings in favor of the release and injunction provisions under the Plan. These findings respond to an open issue remanded to Judge Hood by the U.S. Court of Appeals in January 2002. Corning owns 50% of the common stock of Dow Corning. Although further legal appeals are possible, Corning said that it is evaluating the District Court's findings as it considers whether and when to recognize equity earnings from Dow Corning.