Corning to Acquire Plaslab S.A.S.
13 Agosto 2010 - 6:30PM
Business Wire
Corning Incorporated (NYSE: GLW) announced today that it has
reached an agreement with the shareholders of Plaslab S.A.S. to
acquire all outstanding shares of the company. Assuming certain
closing conditions are met, the acquisition is expected to be
completed in the fourth quarter of 2010.
Plaslab is a French simplified joint stock company and the
holding company of Plastiques Gosselin S.A.S. Headquartered in
Borre, France, Plastiques Gosselin is a leading manufacturer and
distributor of high-quality plastic consumable labware in Europe.
Plastiques Gosselin would be integrated into Corning’s Life
Sciences segment.
By providing customers outside Europe with greater access to
Plastiques Gosselin’s product portfolio, this acquisition would
support Corning’s ongoing commitment to supply its customers with a
comprehensive line of laboratory research tools. Plastiques
Gosselin’s wide array of sampling, testing, and analysis products
(including Petri dishes, bottles, containers, tubes, bags, and
accessories) are complementary to the general labware, cell
culture, lab equipment, and HTS/Assay products offered today by
Corning. In addition, the acquisition would enable Corning to
continue to improve its strategic balance by strengthening its Life
Sciences segment.
“One way we create balance is by building a healthy portfolio of
businesses in different markets,” said Peter F. Volanakis,
Corning’s president and chief operating officer. “This acquisition
would be consistent with our strategy to use our strong financial
position to identify external growth opportunities that add to our
product portfolio,” he added.
“We are very excited to work with Plastiques Gosselin, whose
name has become synonymous with ‘leadership’ and ‘quality.’ The
addition of the Gosselin products would broaden our customer
product offerings,” said Mark A. Beck, senior vice president,
Corning Life Sciences.
Jean Gosselin, president and CEO, Plaslab S.A.S. and Plastiques
Gosselin, would remain with the business in a similar capacity.
Regarding this transaction, Gosselin said, “We are looking forward
to working with the Corning organization to ensure that both
Corning and Plastiques Gosselin customers continue to receive the
highest quality products and solutions for their laboratory and
scientific needs.”
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning’s financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed 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.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. Drawing on more than 150 years of
materials science and process engineering knowledge, Corning
creates and makes keystone components that enable high-technology
systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass
substrates for LCD televisions, computer monitors and laptops;
ceramic substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery;
and other advanced optics and specialty glass solutions for a
number of industries including semiconductor, aerospace, defense,
astronomy and metrology.
About Plaslab S.A.S.
Plaslab S.A.S. is a French simplified joint stock company and
the holding company of Plastiques Gosselin S.A.S. Plastiques
Gosselin is a leading manufacturer and distributor of high quality
plastic consumable labware in Europe. Founded in 1965, the company
employs over 300 associates serving pharmaceutical, academic, and
industrial customers in microbiology, food testing, water testing
and clinical markets across Europe from its headquarters and
manufacturing facility in Borre, France and its manufacturing
facility in the United Kingdom. The company also has a sales and
logistics office in the U.S. More information about Plastiques
Gosselin can be found at www.gosselin.eu.
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