Corning

(GLW) - Get Report

priced an offering of 30 million common shares at $71.25 each and also priced an offering of about $2.7 billion of senior unsecured zero coupon convertible debentures due in November 2015.

The company, which makes optical fiber, cable and other products, granted the underwriters of the stock offering an overallotment option covering up to 4.5 million shares.

Corning expects proceeds of about $2.1 billion from the stock offering and proceeds of about $2 billion from the convertible offering.

The company plans to use part of the total proceeds toward the acquisition of

Pirelli's

90% interest in

Optical Technologies USA

, an optical components and devices business, and for general corporate purposes.