OTHER NEWS - May 15, 1996

Corning to Spin Off Lab, Pharmaceutical Units: The Corning, N.Y.-based firm said it plans to create two publicly traded companies that will more effectively pursue their independent strategies. The move will also allow Corning Inc. to focus on its specialty materials and communications businesses, the company said. The transactions rely on an Internal Revenue Service ruling that the spinoffs will be tax-free to Corning and its shareholders. Both transactions are expected to be completed by the end of this year. Corning’s clinical laboratories business, which performs medical tests for health-care providers, has $1.6 billion in annual sales. The pharmaceutical services business, which helps firms develop and test new drugs, has annual sales of $400 million.