Corning Incorporated to Acquire Bargoa S.A.
27 Fevereiro 2013 - 7:00PM
Acquisition to build on Bargoa's strong telecommunications
presence in Brazil
CORNING, N.Y. -
Corning Incorporated (NYSE: GLW) announced today that it has signed
an agreement with Abengoa (MCE: ABG) to acquire its Brazilian
subsidiary, Bargoa S.A., a leading provider of connectivity
solutions for the Brazilian telecommunications sector. The terms of
the agreement are not being disclosed. Pending regulatory
approvals, the acquisition is expected to be completed by the end
of the second quarter in 2013.
With its main activities located in Rio de
Janeiro, Brazil, Bargoa provides a wide range of connectivity
solutions in the rapidly growing Brazilian telecommunications
marketplace. Upon closing, Bargoa will be integrated into Corning's
telecommunications business segment.
Corning currently plays an active role in the
telecommunications industry in Brazil, the largest economy in Latin
America, and sixth largest economy in the world. The acquisition
will strengthen Corning's telecom activities in the region -
building on Bargoa's strong brand, high-quality manufacturing, and
flexible design capabilities. These competencies complement
Corning's innovative telecommunications portfolio and will enable
the company to extend its leadership as a connectivity solutions
company.
"We are very excited about the opportunity to
expand Corning's presence in Brazil," said Clark S. Kinlin,
executive vice president, Telecommunications Business Group.
"Bargoa has a proven history of delivering customer-driven
solutions based on excellent manufacturing capabilities. We look
forward to building a bright future in the Brazilian telecom market
when Bargoa's talented team joins us."
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 160 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
Abengoa
Abengoa (MCE: ABG) is an international company that applies
innovative technology solutions for sustainable development in the
energy and environment sectors, generating electricity from the
sun, producing biofuels, desalinating sea water and recycling
industrial waste. (www.abengoa.com)
About Bargoa
S.A.
Bargoa is a company dedicated to the manufacturing of thermo
injected products, situated in Rio de Janeiro, Brazil. Since its
founding in 1975, Bargoa has grown year after year, thanks to a
permanent effort in search of more quality, as much as in relation
to our products as in the training of our employees and the update
of the machines and working processes. Our company currently makes
use of all the means necessary to develop a great variety of
injected products and also integrated with elements of metallic or
electronic connection. (www.bargoa.com.br)
Media Relations
Contact:
Daniel F. Collins
(607) 974-4197
collinsdf@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Corning Incorporated via Thomson Reuters ONE
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