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): May 12, 2003

                              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

         (Former name or former address, if changed since last report.)

                                Page 1 of 4 Pages
                             Exhibit Index on Page 4

Item 9. Regulation FD Disclosure.

On May 12, 2003,  Corning  Incorporated  announced  that it has agreed to sell a
significant portion of its photonic  technologies business to Avanex Corporation
in exchange for common stock currently valued at approximately $25 million.  The
press release  relating to this  announcement  is furnished  herewith as Exhibit

(c) Exhibits

     99.1. Press Release dated May 12, 2003.

     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: May 13, 2003

                                   CORNING INCORPORATED

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

                                INDEX TO EXHIBITS

(c) Exhibits

     99.1 Press Release dated May 12, 2003

FOR RELEASE - MAY 12, 2003

Corning Communications Contact:         Investor Relations Contact:
Daniel F. Collins                       Kenneth C. Sofio
(607) 974-4197                          (607) 974-7705         

                  Corning Announces Photonic Technologies Sale

                     Joins with Avanex and Alcatel Optronics

CORNING,  N.Y.--Corning  Incorporated  (NYSE:GLW)  announced  today  that it has
agreed to sell a significant  portion of its photonic  technologies  business to
Avanex   Corporation   in  exchange  for  common  stock   currently   valued  at
approximately $25 million.

Separately, Avanex announced it would also acquire Alcatel Optronics and combine
its existing  business with the two acquisitions to strengthen its position as a
market-leading  photonics  provider.  Corning  said it would own 17  percent  of
Avanex's common stock after both transactions are completed.

Corning  said  that the  Avanex  transaction  would  require  normal  regulatory
approvals as well as Avanex shareholder  approval.  Corning's board of directors
has approved the transaction, which is expected to close in the third quarter.

Wendell  Weeks,  Corning's  president and chief  operating  officer,  said,  "We
strongly  believe that the  transaction we are announcing  today with Avanex and
Alcatel Optronics will create a powerful optical components company. The optical
components  industry  has been  forced to  consolidate  because of the  extended
downturn in the telecommunications  industry.  Following the Corning and Alcatel
Optronics acquisitions,  Avanex will have the products, technologies, people and
financial resources to capture new market opportunities as they arise."


Corning Announces Photonic Technologies Sale
Page Two

Weeks added, "We have been committed to reaching a decision on the future of our
Photonics  Technologies  business by the middle of this year.  This  transaction
enables us to preserve the largest  number of jobs possible while we continue to
focus on  achieving  our goal of returning  to  profitability  in 2003." He said
Corning  is  committed  to  its  remaining  telecommunications   businesses  and
continues to invest in extending its  market-leading  optical  fiber,  cable and
hardware and equipment businesses.

"We are building on our market-leading positions in these businesses and believe
we are  well-positioned  to grow when the  telecommunications  industry recovery
begins," Weeks said.

Corning said that Avanex would acquire assets relating to the company's  optical
amplifier  facility in Erwin,  N.Y. and its optical  components  plant in Milan,
Italy.  Corning  expects Avanex to acquire  approximately  400 employees in this

The company also said it would close its Corning Lasertron  facility in Bedford,
Mass.  by  the  end of  this  year,  eliminating  approximately  150  positions.
Lasertron manufactures photonic components including pump lasers.

Second-quarter  charge  Corning  said  that the  photonic  technologies  actions
announced today would result in a second-quarter  pretax charge of approximately
$50 million to $70 million.  These charges,  in part,  will be determined by the
fair  value  of  Avanex's  common  stock  received  by  Corning  at  the  Avanex
transaction  closing  date.  Corning  said the cash  impact of this  transaction
including   restructuring   charges  for  units  not  sold  and  a  $20  million
contribution to Avanex would be  approximately  $40 million to $50 million.  The
company will release further  financial details on the transaction in its second
quarter results in July.

James B. Flaws,  Corning's vice chairman and chief financial officer, said, "The
dramatic  reduction  in  photonic   technologies   demand  resulted  in  Corning
undertaking significant restructuring actions over the past several years. While
we have been able to reduce our losses, we continue to experience  negative cash
flow.  This  transaction  is an  important  step in ensuring  that  Corning both
achieves its goal of returning to profitability  later this year and strengthens
its financial position."


Corning Announces Photonic Technologies Sale
Page Three

Avanex  Corporation will file a proxy statement  describing the transaction with
the United States Securities and Exchange Commission (SEC). In addition,  Avanex
will file other  information  and documents  concerning the  transaction and its
business with the SEC. Investors in the common stock of Avanex are encouraged to
review  the proxy  statement  and  other  information  to be filed  with the SEC
because  they  will  contain  important  information.  These  documents  will be
available without charge on the SEC's web site at  Investors should
read the Avanex proxy statement carefully before making any voting or investment

About  Corning   Incorporated   Established   in  1851,   Corning   Incorporated
(   creates   leading-edge   technologies   that  offer   growth
opportunities  in markets that fuel the world's  economy.  Corning  manufactures
optical fiber,  cable and photonic products in its  Telecommunications  segment.
Corning's Technologies segment manufactures  high-performance display glass, and
products for the environmental, life sciences, and semiconductor markets.

Forward-Looking   and  Cautionary   Statements   This  press  release   contains
forward-looking  statements  that involve a variety of business  risks and other
uncertainties that could cause actual results to differ materially.  These risks
and  uncertainties  include the possibility of changes or fluctuations in global
economic  conditions;  currency  exchange  rates;  product  demand and  industry
capacity;  competitive products and pricing;  availability and costs of critical
components and materials;  new product development and commercialization;  order
activity and demand from major  customers;  capital spending by larger customers
in the telecommunications industry and other business segments; the mix of sales
between  premium and  non-premium  products;  possible  disruption in commercial
activities  due to  terrorist  activity  and armed  conflict;  ability to obtain
financing  and  capital  on  commercially  reasonable  terms;   acquisition  and
divestiture activities;  the level of excess or obsolete inventory;  the ability
to enforce patents;  product and components  performance issues; and litigation.
These and other risk  factors  are  identified  in  Corning's  filings  with the
Securities and Exchange Commission.  Forward-looking statements speak only as of
the day that they are made, and Corning  undertakes no obligation to update them
in light of new information or future events.