Corning Announces $1 Billion Accelerated Share Repurchase
31 Outubro 2013 - 9:15AM
CORNING, N.Y., October 31,
2013 - Corning Incorporated (NYSE: GLW) today
announced that it has entered into an accelerated share repurchase
agreement (ASR) with JPMorgan Chase Bank, National Association,
London Branch to repurchase $1 billion of the company's common
stock. The ASR is part of Corning's $2 billion share repurchase
program announced April 24, 2013.
"This action further demonstrates our commitment
to provide attractive long-term total returns to our shareholders.
Upon completion of this ASR, we will have returned cumulatively
approximately $3 billion to shareholders via share repurchases over
the last 24 months. In addition to these distributions, on Oct. 22,
2013, Corning's Board of Directors authorized an additional $2
billion repurchase program, subject to the consummation of the
company's acquisition of the remaining 50% interest in Samsung
Corning Precision Materials Co., Ltd.," James B. Flaws, vice
chairman and chief financial officer, said.
Under the terms of the ASR, Corning has agreed to
repurchase $1 billion of its common stock from JPMorgan in total,
with an initial delivery of approximately 47 million shares based
on current market prices. The final number of shares to be
repurchased will be based on Corning's volume-weighted average
stock price during the term of the transaction, which is expected
to be completed in the first quarter of 2014. The company expects
to finance the ASR with cash on hand.
Through Sept. 30, 2013, Corning has repurchased
approximately 30 million shares for a total of approximately $500
million under the April 24, 2013 program. The company's remaining
outstanding share repurchase authorization is approximately $1.5
billion.
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.
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
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
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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