<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pressrelease.txt
<DESCRIPTION>PRESS RELEASE DATED 7-9-01
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549




                                    FORM 8-K

                                 CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

         Date of report (Date of earliest event reported): July 9, 2001





                              CORNING INCORPORATED
             (Exact name of registrant as specified in its charter)


         New York                     1-3247            16-0393470
--------------------------------------------------------------------------
(State or other jurisdiction       (Commission        (I.R.S. Employer
        of Incorporation)           File Number)       Identification No.)



                  One Riverfront Plaza, Corning, New York           14831
-------------------------------------------------------------------------------
                  (Address of principal executive offices)       (Zip Code)


Registrant's telephone number, including area code          (607) 974-9000
                                                    ---------------------------

                                   N/A
-------------------------------------------------------------------------------
      (Former name or former address, if changed since last report.)






                                Page 1 of 4 Pages
                             Exhibit Index on Page 4

<PAGE>





Item 5.  Other Events and Regulation FD.
         ------------------------------

     On July 9, 2001, Corning Incorporated issued two press releases announcing:
(1) the downsizing of its Photonic Technologies Business in response to industry
conditions,  including  pre-tax  charges to be reflected  in its second  quarter
financial  results and other pre-tax charges expected in the third quarter;  and
(2) the discontinuance of future payment of dividends on its common stock.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.
         ------------------------------------------------------------------

         (c)      Exhibits.

99.1     Press Release dated July 9, 2001
99.2     Press Release dated July 9, 2001



<PAGE>




     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

Dated:    July 9, 2001


                                          CORNING INCORPORATED


                                          By  /s/ Katherine A. Asbeck
                                          -------------------------------------
                                          Katherine A. Asbeck
                                          Senior Vice President & Controller


<PAGE>


                                INDEX TO EXHIBITS

(c)      Exhibits
         --------

99.1     Press Release dated July 9, 2001
99.2     Press Release dated July 9, 2001




<PAGE>
                                                                    Exhibit 99.1

FOR RELEASE-- JULY 9, 2001

Corning Contacts:
Media Relations Contact:                             Investor Relations Contact:
Daniel F. Collins                                    Katherine M. Dietz
(607) 974-4197                                       (607) 974-8217
collinsdf@corning.com                                dietzkm@corning.com





          Corning Downsizes Photonic Technologies Business in Response
                             to Industry Conditions

                      Company to close three manufacturing
              facilities; $5.1 billion charge in second quarter for
                  goodwill impairment and inventory write-offs

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW) today announced a plan to lower
significantly  the cost  structure  of its  Photonic  Technologies  business  in
response to severely reduced market demand for photonic  components and modules.
The plan  includes  the closing of three  manufacturing  facilities  and related
workforce  reductions of 1000 employees.  The cost of this plan will be included
in Corning's third quarter results.

Corning also said that its second quarter  results will include  pre-tax charges
totaling  approximately  $5.1 billion to reflect the  impairment of goodwill and
other intangible assets related to recent Photonic Technologies acquisitions and
the write-off of excess and obsolete inventory.

"With  the   dramatic   reduction   of   infrastructure   spending   across  the
telecommunications industry, and our expectation that this market downturn could
last 12 to 18 months,  we are taking  decisive action to lower costs and improve
the future  profitability  of our  Photonic  Technologies  business,"  said John
Loose,  president and chief executive  officer.  Corning  Photonic  Technologies
develops and manufactures photonic products including  erbium-doped  amplifiers,
raman and advanced  amplifiers,  dispersion  compensation  modules,  fiber-based
components,  DWDM multiplexers and demultiplexers  and pump laser products.  The
business had revenues of $1 billion in 2000.


                                     (more)

<PAGE>

Corning Downsizes Photonic Technologies Business in Response
to Industry Conditions
Page Two



Loose said, "Our Photonic  Technologies  business grew 75 percent to 100 percent
per year for the past three years, and we originally  anticipated similar growth
again this year. As a result, we added  significant  capacity and fixed costs to
meet expected market demand that has not materialized.  We now expect sales this
year in the  range of $600  million  to $700  million  for this  business,  with
significantly lower sales of optical amplifiers and other photonic components.

"The abruptness of this industry  downturn is  unprecedented.  Nevertheless,  we
have to deal  decisively with these new market  realities.  We do not take these
actions lightly.  We fully appreciate the difficulties these decisions will have
on individuals,  families and  communities.  We deeply regret these  unavoidable
actions.  However,  it is  important  for our  shareholders  that we improve the
profitability of our photonics business."

                             Cost Reduction Actions

Corning is initiating a process to close three  manufacturing  facilities by the
end of 2001: the Photonic  Technologies Benton Park facility in Benton Township,
Pa.; Corning  Lasertron's Nashua Park in Nashua,  N.H.; and the Corning NetOptix
operation in Natick, Mass. In addition, the company will scale back its Photonic
Technologies  operations in Erwin Park,  Erwin, N.Y. and at the remainder of its
photonics facilities. These actions will result in 1000 employee reductions.

Including today's announcement,  3,500 Photonic Technologies positions will have
been eliminated since the beginning of the year. This will bring Corning's total
2001  reductions  to 5,900  positions  or about 15 percent of its' total  global
workforce of approximately 40,000.

Corning is continuing to evaluate the need for further personnel  reductions and
other  restructuring  actions  elsewhere in the company.  Costs related to these
potential  additional actions and the photonic  manufacturing  facility closures
announced  today are expected to result in a third quarter pre-tax charge in the
range of $300  million to $400  million,  of which  approximately  75 percent is
non-cash. Corning expects to realize annualized pre-tax savings of approximately
$150 million from these combined actions.

                                     (more)


<PAGE>


Corning Downsizes Photonic Technologies Business in Response
to Industry Conditions
Page Three


                               Quarter Two Charges

Corning also announced  that its second  quarter  results will include a pre-tax
charge of approximately $300 million to write-off excess and obsolete inventory,
primarily  due  to  significantly   reduced  customer  orders  in  its  Photonic
Technologies  business.   With  the  significantly  reduced  order  outlook  and
downsizing of Corning's Photonics Technologies business, the company will record
an  approximate  $4.8  billion  non-cash,  non-tax  deductible  charge to impair
goodwill  and  acquired  intangibles  related  to last  year's  Pirelli  optical
components  business  and  NetOptix  acquisitions.  This  adjustment  reflects a
combination of lower market  multiples for the valuation of these  businesses as
well as weakened industry conditions.

Separately, Corning announced it would discontinue dividends on its common stock
on an ongoing basis.

                                     Outlook

Corning will announce its second quarter 2001 results after the market closes on
July 25, 2001.  While the results  will include the impact of today's  announced
charges, the company is operating slightly ahead of analyst expectations for the
quarter without these charges.  However, Corning said as a result of the reduced
forecast  for its  Photonic  Technologies  unit and the low level of  visibility
across the telecommunications  industry, it believes that pro forma earnings for
the  second  half of the year will be below the  current  consensus  of  analyst
estimates. Corning said it will not provide earnings guidance going forward, but
will  provide an update on the status of its  businesses  in its second  quarter
earnings announcement.



                           Conference Call Information

The company will host a  conference  call at 5:00 p.m.,  EDT on Monday,  July 9,
2001.  To access the call,  dial  1-800-619-9064  (Domestic)  or  1-712-271-3312
(International).  The passcode is UPDATE. A replay of the call will be available
beginning  at 7 p.m. EDT and will run through 7:00 p.m.  EDT,  Monday,  July 16,
2001. To access the replay, dial  1-800-337-5619 or 1-402-220-9652.  No password
is  required.   To  listen  to  a  live  audio   webcast  of  the  call,  go  to
http://www.corning.com/investor_relations/ and follow the instructions.


                                     (more)

<PAGE>


Corning Downsizes Photonic Technologies Business in Response
to Industry Conditions
Page Four


About  Corning   Incorporated
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,  information technology and other communications-related industries.
The company also uses advanced materials to manufacture products for scientific,
semiconductor  and  environmental  markets.  Corning revenues for 2000 were $7.1
billion.

                                       ###



Forward-Looking and Cautionary Statements
Except for historical  information and discussions contained herein,  statements
included in this release may constitute "forward-looking  statements" within the
meaning  of  the  Private  Securities  Litigation  Reform  Act  of  1995.  These
statements involve a number of risks, uncertainties and other factors that could
cause results to differ  materially,  as discussed in the company's filings with
the Securities and Exchange Commission.

Pro Forma Statement
Pro  forma  net  income  excludes  amortization  of  purchased  intangibles  and
goodwill,  purchased  in-process research and development,  one-time acquisition
costs, discontinued operations and other non-recurring items.


<PAGE>

                                                                    Exhibit 99.2

FOR RELEASE -- JULY 9, 2001


Corning Contacts:
Media Relations:                                           Investor Relations:
Daniel F. Collins                                          Katherine M. Dietz
(607) 974-4197                                             (607) 974-8217
collinsdf@corning.com                                      dietzkm@corning.com






             Corning Incorporated Discontinues Common Stock Dividend

CORNING, N.Y. --The Board of Directors of Corning Incorporated  (NYSE:GLW) today
announced  that the company is  discontinuing  the payment of  dividends  on its
common stock.  This policy is based on the Board's decision to reinvest all cash
generated  by  Corning's  businesses  into the future  growth of the  company to
create greater, long-term shareholder value.

Corning's last quarterly dividend on the company's common stock was announced on
April 27, 2001 at $0.06 per share,  payable June 29, 2001,  to holders of record
June 4, 2001.  The Board of  Directors  intends to continue  the dividend on the
Series B 8% convertible preferred stock.

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,  information technology and other communications-related industries.
The company also uses advanced materials to manufacture products for scientific,
semiconductor  and  environmental  markets.  Corning revenues for 2000 were $7.1
billion.


                                       ###



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