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Table\ue000 of\ue000 Contents
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
WASHINGTON,\ue000 D.C.\ue000 20549
Form\ue000 10-K
\ue000
x
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
OR
\ue000
\u00ae
TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 to\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000
Commission\ue000 file\ue000 number:\ue000 1-3247
CORNING\ue000 INCORPORATED
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
NEW\ue000 YORK
\ue000
16-0393470
(State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of\ue000 incorporation\ue000 or\ue000 organization)
\ue000
(I.R.S.\ue000 Employer\ue000 Identification\ue000 No.)
ONE\ue000 RIVERFRONT\ue000 PLAZA,\ue000 CORNING,\ue000 NY
\ue000
14831
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
\ue000
(Zip\ue000 Code)
607-974-9000
(Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code)
[None]
(Former\ue000 name,\ue000 former\ue000 address\ue000 and\ue000 former\ue000 fiscal\ue000 year,\ue000 if\ue000 changed\ue000 since\ue000 last\ue000 report)
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
\ue000
Title\ue000 of\ue000 each\ue000 class
\ue000
Name\ue000 of\ue000 each\ue000 exchange\ue000 on\ue000 which\ue000 registered
Common\ue000 Stock,\ue000 $0.50\ue000 par\ue000 value\ue000 per\ue000 share
\ue000
New\ue000 York\ue000 State\ue000 Exchange
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:\ue000 None
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.
Yes\ue000 \ue000x\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000 \ue000\u00ae
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Exchange\ue000 Act.
Yes\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000 \ue000x

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Exchange\ue000 Act\ue000 of\ue000 1934 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been\ue000 subject\ue000 to such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.

Yes\ue000 \ue000x\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000 \ue000\u00ae

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be
contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form
10-K\ue000 or\ue000 any\ue000 amendment\ue000 of\ue000 this\ue000 Form\ue000 10-K.\ue000 \ue000x

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting company.\ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer,\u201d\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange Act.

Large\ue000 accelerated\ue000 filer\ue000 \ue000x\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Accelerated\ue000 filer\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Non-accelerated\ue000 filer\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Smaller\ue000 reporting\ue000 company\ue000 \ue000\u00ae
(Do\ue000 not\ue000 check\ue000 if\ue000 a\ue000 smaller\ue000 reporting\ue000 company)
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).
Yes\ue000 \ue000\u00ae\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 No\ue000 \ue000x
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As\ue000 of\ue000 June\ue000 30,\ue000 2008,\ue000 the\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 common\ue000 stock\ue000 held\ue000 by\ue000 non-affiliates\ue000 of\ue000 the\ue000 registrant\ue000 was\ue000 $35.5\ue000 billion
based\ue000 on\ue000 the\ue000 $23.05\ue000 price\ue000 as\ue000 reported\ue000 on\ue000 the\ue000 New\ue000 York\ue000 Stock\ue000 Exchange.
There\ue000 were\ue000 1,555,025,555\ue000 shares\ue000 of\ue000 Corning\u2019s\ue000 common\ue000 stock\ue000 issued\ue000 and\ue000 outstanding\ue000 as\ue000 of\ue000 January\ue000 30,\ue000 2009.
DOCUMENTS\ue000 INCORPORATED\ue000 BY\ue000 REFERENCE
Portions\ue000 of\ue000 the\ue000 Registrant\u2019s\ue000 Definitive\ue000 Proxy\ue000 Statement\ue000 dated\ue000 February\ue000 26,\ue000 2009,\ue000 and\ue000 filed\ue000 for\ue000 the\ue000 Registrant\u2019s\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of
Shareholders\ue000 are\ue000 incorporated\ue000 into\ue000 Part\ue000 III,\ue000 as\ue000 specifically\ue000 set\ue000 forth\ue000 in\ue000 Part\ue000 III.
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Table\ue000 of\ue000 Contents
PART\ue000 I
Corning\ue000 Incorporated\ue000 and\ue000 its\ue000 consolidated\ue000 subsidiaries\ue000 are\ue000 hereinafter\ue000 sometimes\ue000 referred\ue000 to\ue000 as\ue000 the\ue000 \u201cCompany,\u201d\ue000 the\ue000 \u201cRegistrant,\u201d\ue000 \u201cCorning,\u201d
or\ue000 \u201cwe.\u201d

This\ue000 report\ue000 contains\ue000 forward-looking\ue000 statements\ue000 that\ue000 involve\ue000 a\ue000 number\ue000 of\ue000 risks\ue000 and\ue000 uncertainties.\ue000 These\ue000 statements\ue000 relate\ue000 to\ue000 our\ue000 future\ue000 plans,
objectives,\ue000 expectations\ue000 and\ue000 estimates\ue000 and\ue000 may\ue000 contain\ue000 words\ue000 such\ue000 as\ue000 \u201cbelieves,\u201d\ue000 \u201cexpects,\u201d\ue000 \u201canticipates,\u201d\ue000 \u201cestimates,\u201d\ue000 \u201cforecasts,\u201d\ue000 or\ue000 similar
expressions.\ue000 Our\ue000 actual\ue000 results\ue000 could\ue000 differ\ue000 materially\ue000 from\ue000 what\ue000 is\ue000 expressed\ue000 or\ue000 forecasted\ue000 in\ue000 our\ue000 forward-looking\ue000 statements.\ue000 Some\ue000 of\ue000 the
factors\ue000 that\ue000 could\ue000 contribute\ue000 to\ue000 these\ue000 differences\ue000 include\ue000 those\ue000 discussed\ue000 under\ue000 \u201cForward-Looking\ue000 Statements,\u201d\ue000 \u201cRisk\ue000 Factors,\u201d
\u201cManagement\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations,\u201d\ue000 and\ue000 elsewhere\ue000 in\ue000 this\ue000 report.

Item\ue000 1.\ue000\ue000\ue000\ue000 Business
General
Corning\ue000 traces\ue000 its\ue000 origins\ue000 to\ue000 a\ue000 glass\ue000 business\ue000 established\ue000 in\ue000 1851.\ue000 The\ue000 present\ue000 corporation\ue000 was\ue000 incorporated\ue000 in\ue000 the\ue000 State\ue000 of\ue000 New\ue000 York\ue000 in
December\ue000 1936.\ue000 The\ue000 Company\u2019s\ue000 name\ue000 was\ue000 changed\ue000 from\ue000 Corning\ue000 Glass\ue000 Works\ue000 to\ue000 Corning\ue000 Incorporated\ue000 on\ue000 April\ue000 28,\ue000 1989.

Corning\ue000 is\ue000 a\ue000 global,\ue000 technology-based\ue000 corporation\ue000 that\ue000 operates\ue000 in\ue000 five\ue000 reportable\ue000 business\ue000 segments:\ue000 Display\ue000 Technologies,
Telecommunications,\ue000 Environmental\ue000 Technologies,\ue000 Specialty\ue000 Materials\ue000 and\ue000 Life\ue000 Sciences.\ue000 Corning\ue000 manufactures\ue000 and\ue000 processes\ue000 products\ue000 at
more\ue000 than\ue000 51\ue000 plants\ue000 in\ue000 15\ue000 countries.

Display\ue000 Technologies\ue000 Segment

Corning\u2019s\ue000 Display\ue000 Technologies\ue000 segment\ue000 manufactures\ue000 glass\ue000 substrates\ue000 for\ue000 active\ue000 matrix\ue000 liquid\ue000 crystal\ue000 displays\ue000 (LCDs),\ue000 that\ue000 are\ue000 used\ue000 primarily
in\ue000 notebook\ue000 computers,\ue000 flat\ue000 panel\ue000 desktop\ue000 monitors,\ue000 and\ue000 LCD\ue000 televisions.\ue000 Corning\u2019s\ue000 facilities\ue000 in\ue000 Kentucky,\ue000 Japan,\ue000 Taiwan,\ue000 and\ue000 China\ue000 and
those\ue000 of\ue000 Samsung\ue000 Corning\ue000 Precision\ue000 Glass\ue000 Co.,\ue000 Ltd.\ue000 (Samsung\ue000 Corning\ue000 Precision)\ue000 develop,\ue000 manufacture\ue000 and\ue000 supply\ue000 high\ue000 quality\ue000 glass
substrates\ue000 using\ue000 a\ue000 proprietary\ue000 fusion\ue000 manufacturing\ue000 process\ue000 and\ue000 technology\ue000 expertise.\ue000 Corning\ue000 owns\ue000 50%\ue000 of\ue000 Samsung\ue000 Corning\ue000 Precision,
Samsung\ue000 Electronics\ue000 Co.,\ue000 Ltd.\ue000 owns\ue000 43%\ue000 and\ue000 three\ue000 other\ue000 shareholders\ue000 own\ue000 the\ue000 remaining\ue000 7%.\ue000 Samsung\ue000 Corning\ue000 Precision\ue000 sells\ue000 LCD\ue000 glass\ue000 to
panel\ue000 manufacturers\ue000 in\ue000 Korea\ue000 while\ue000 those\ue000 panel\ue000 manufacturers\ue000 in\ue000 other\ue000 leading\ue000 LCD-producing\ue000 areas\ue000 of\ue000 the\ue000 world\ue000 -\ue000 Japan,\ue000 Taiwan,\ue000 Singapore
and\ue000 China\ue000 -\ue000 are\ue000 supplied\ue000 by\ue000 Corning.

Corning\ue000 has\ue000 been\ue000 a\ue000 technology\ue000 leader\ue000 in\ue000 this\ue000 market\ue000 introducing\ue000 new\ue000 large-generation\ue000 sized\ue000 glass\ue000 substrates\ue000 used\ue000 by\ue000 our\ue000 customers\ue000 in\ue000 the

production\ue000 of\ue000 larger\ue000 LCDs\ue000 for\ue000 monitors\ue000 and\ue000 television.\ue000 We\ue000 are\ue000 recognized\ue000 for\ue000 providing\ue000 product\ue000 innovations\ue000 that\ue000 help\ue000 our\ue000 customers\ue000 produce
larger,\ue000 lighter,\ue000 thinner\ue000 and\ue000 higher-resolution\ue000 displays\ue000 more\ue000 affordably.\ue000 Glass\ue000 substrates\ue000 are\ue000 currently\ue000 available\ue000 from\ue000 Corning\ue000 in\ue000 sizes\ue000 up\ue000 to
Generation\ue000 8\ue000 (2160mm\ue000 x\ue000 2460mm),\ue000 which\ue000 was\ue000 introduced\ue000 by\ue000 Corning\ue000 in\ue000 late\ue000 2006.\ue000 In\ue000 2007,\ue000 Corning\ue000 announced\ue000 an\ue000 agreement\ue000 with\ue000 Sharp
Corporation\ue000 to\ue000 develop\ue000 and\ue000 produce\ue000 Generation\ue000 10\ue000 (2850mm\ue000 x\ue000 3050mm)\ue000 substrates.\ue000 Large\ue000 substrates\ue000 (Generation\ue000 5\ue000 and\ue000 higher)\ue000 allow\ue000 LCD
manufacturers\ue000 to\ue000 produce\ue000 larger\ue000 and\ue000 a\ue000 greater\ue000 number\ue000 of\ue000 panels\ue000 from\ue000 each\ue000 substrate.\ue000 The\ue000 larger\ue000 size\ue000 leads\ue000 to\ue000 economies\ue000 of\ue000 scale\ue000 for\ue000 LCD
manufacturers\ue000 and\ue000 has\ue000 enabled\ue000 lower\ue000 display\ue000 prices\ue000 for\ue000 consumers\ue000 which\ue000 may\ue000 continue\ue000 in\ue000 the\ue000 future.\ue000 At\ue000 the\ue000 end\ue000 of\ue000 2008,\ue000 approximately\ue000 92%\ue000 of
Corning\ue000 and\ue000 Samsung\ue000 Corning\ue000 Precision\u2019s\ue000 volume\ue000 of\ue000 LCD\ue000 glass\ue000 was\ue000 Generation\ue000 5\ue000 (1100mm\ue000 x\ue000 1250mm)\ue000 and\ue000 higher.

Corning\ue000 invented\ue000 its\ue000 proprietary\ue000 fusion\ue000 manufacturing\ue000 process\ue000 which\ue000 is\ue000 the\ue000 cornerstone\ue000 of\ue000 the\ue000 Company\u2019s\ue000 technology\ue000 leadership\ue000 in\ue000 the\ue000 LCD
industry.\ue000 The\ue000 automated\ue000 process\ue000 yields\ue000 high\ue000 quality\ue000 glass\ue000 substrates\ue000 with\ue000 excellent\ue000 dimensional\ue000 stability\ue000 and\ue000 uniformity\ue000 -\ue000 essential\ue000 attributes
for\ue000 the\ue000 production\ue000 of\ue000 increasingly\ue000 larger,\ue000 high\ue000 performance\ue000 active\ue000 matrix\ue000 LCDs.\ue000 Corning\u2019s\ue000 fusion\ue000 process\ue000 is\ue000 scalable\ue000 and\ue000 has\ue000 proven\ue000 to\ue000 be
among\ue000 the\ue000 most\ue000 effective\ue000 processes\ue000 in\ue000 producing\ue000 large\ue000 size\ue000 substrates.\ue000 In\ue000 2006,\ue000 Corning\ue000 launched\ue000 EAGLE\ue000 XG\u2122,\ue000 the\ue000 industry\u2019s\ue000 first
environmentally-friendly\ue000 LCD\ue000 glass\ue000 substrate\ue000 that\ue000 is\ue000 free\ue000 of\ue000 heavy\ue000 metals.

LCD\ue000 glass\ue000 manufacturing\ue000 is\ue000 a\ue000 highly\ue000 capital\ue000 intensive\ue000 business.\ue000 Corning\ue000 has\ue000 made\ue000 significant\ue000 investments\ue000 to\ue000 expand\ue000 its\ue000 LCD\ue000 glass\ue000 facilities\ue000 in response\ue000 to\ue000 customer\ue000 demand.\ue000 The\ue000 environment\ue000 is\ue000 very\ue000 competitive.\ue000 Important\ue000 attributes\ue000 for\ue000 success\ue000 include\ue000 efficient\ue000 manufacturing,\ue000 access to\ue000 capital,\ue000 technology\ue000 know-how,\ue000 and\ue000 patents.

Patent\ue000 protection\ue000 and\ue000 proprietary\ue000 trade\ue000 secrets\ue000 are\ue000 important\ue000 to\ue000 the\ue000 segment\u2019s\ue000 operations.\ue000 Corning\ue000 has\ue000 a\ue000 growing\ue000 portfolio\ue000 of\ue000 patents\ue000 relating
to\ue000 its\ue000 products,\ue000 technologies\ue000 and\ue000 manufacturing\ue000 processes.\ue000 Corning\ue000 licenses\ue000 certain\ue000 of\ue000 its\ue000 patents\ue000 to\ue000 Samsung\ue000 Corning\ue000 Precision\ue000 and\ue000 other
third\ue000 parties\ue000 and\ue000 generates\ue000 royalty\ue000 income\ue000 from\ue000 these\ue000 licenses.\ue000 Refer\ue000 to\ue000 the\ue000 material\ue000 under\ue000 the\ue000 heading\ue000 \u201cPatents\ue000 and\ue000 Trademarks\u201d\ue000 for
information\ue000 relating\ue000 to\ue000 patents\ue000 and\ue000 trademarks.

The\ue000 Display\ue000 Technologies\ue000 segment\ue000 represented\ue000 46%\ue000 of\ue000 Corning\u2019s\ue000 sales\ue000 for\ue000 2008.
\ue000
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