CORNING, N.Y. -- Corning Incorporated (NYSE:GLW - News) today announced a public offering of 50 million shares of its common stock at a price of $5.43 per share, under the company's existing $5 billion universal shelf registration statement. Goldman, Sachs & Co. is the sole underwriter for this offering. The net proceeds from this offering will be used to reduce debt through open market repurchases, public tender offers or other methods. Corning will invest the net proceeds in short-term, interest bearing, investment grade obligations until they are applied as previously described. James B. Flaws, vice chairman and chief financial officer, said, "Over the past 15 months we have reduced the company's debt by $1.1 billion as part of our focus on protecting the company's financial health. We expect to use the proceeds from this offering, combined with existing cash, to further reduce debt." The shares represent new financing by Corning. This offering is made by means of a prospectus supplement to a prospectus that is part of Corning's universal shelf registration statement previously filed with the SEC. For a copy of the prospectus and prospectus supplement relating to this offering, contact: Goldman, Sachs & Co., 85 Broad Street, New York, N.Y. 10004. Corning Inc.