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Expands optical solutions to global customers
CORNING, N.Y.; JUNE 4, 2018 - Corning
Incorporated (NYSE: GLW) announced today that it has largely
completed the previously announced acquisition of substantially all
of the Communication Markets Division (CMD) from 3M Company.
Corning anticipates closing the sale of the remaining
telecommunications system integration services business later in
2018, subject to customary closing conditions and regulatory
approvals.
The acquisition extends Corning Optical
Communications' market reach and access to global customers,
particularly in key growth areas in Europe, the Middle East and
Asia; the Central and Latin America regions; and the in-building
network market segment. The acquisition also expands the optical
solutions Corning can provide existing customers through CMD's
high-bandwidth portfolio.
Corning expects the business to generate
approximately $400 million in sales, and $0.07 to $0.09 earnings
per share (EPS) annually, beginning in 2019. For 2018, Corning
expects the acquisition to provide an additional $200 million in
sales and anticipates one-time integration costs will result in
neutral EPS.
"We are excited to welcome our new colleagues to
the Corning family and look forward to the telecommunications
system integration services team joining us shortly," said Clark S.
Kinlin, executive vice president, Corning Optical Communications.
"As we continue to grow our leadership position in optical
communications, the combined force of our people, portfolio, and
co-innovation engine strengthens our ability to transform the way
the world connects. Our customers around the world count on us to
provide what they need to get ahead. We are continually expanding
our capabilities and innovating to increase deployment speed and
network capability, while reducing the customers' total cost of
ownership."
Acquiring this business aligns with
Corning's Strategy and Capital Allocation Framework, which includes
investing approximately $1 billion to $3 billion in acquisitions.
The acquisition is also expected to contribute to the goal of
growing Corning Optical Communications' revenue to $5 billion by
2020.
Additional information is provided on
Corning's web disclosures page.
Caution Concerning
Forward-Looking 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 effects of acquisitions,
dispositions and other similar transactions by the Company, the
effect of global business, financial, economic and political
conditions; tariffs and import duties; currency fluctuations
between the U.S. dollar and other currencies, primarily the
Japanese yen, New Taiwan dollar, euro, Chinese yuan, and South
Korean won; 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; the amount and timing of
our cash flows and earnings and other conditions, which may affect
our ability to pay our quarterly dividend at the planned level or
to repurchase shares at planned levels; possible disruption in
commercial activities due to terrorist activity, cyber-attack,
armed conflict, political or financial instability, natural
disasters, or major health concerns; unanticipated disruption to
equipment, facilities, IT systems or operations; effect of
regulatory and legal developments; ability to pace capital spending
to anticipated levels of customer demand; rate of technology
change; ability to enforce patents and protect intellectual
property and trade secrets; adverse litigation; product and
components performance issues; retention of key personnel; customer
ability, most notably in the Display Technologies segment, to
maintain profitable operations and obtain financing to fund their
ongoing operations and manufacturing expansions and pay their
receivables when due; loss of significant customers; changes in tax
laws and regulations including the Tax Cuts and Jobs Act of 2017;
and the potential impact of legislation, government regulations,
and other government action and investigations.
For a complete listing of risks and other factors,
please reference the risk factors and forward-looking statements
described in our annual reports on Form 10-K and quarterly reports
on Form 10-Q. 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.
Web Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it uses its
website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors, or
supplemental to information contained in this or other press
releases. The list of websites and social media channels that the
company uses may be updated on Corning's media and website from
time to time. Corning encourages investors, media, and other
interested parties to review the information Corning may publish
through its website and social media channels as described above,
in addition to the company's SEC filings, press releases,
conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science, with a more than 165-year track record of
life-changing inventions. Corning applies its unparalleled
expertise in glass science, ceramic science, and optical physics
along with its deep manufacturing and engineering capabilities to
develop category-defining products that transform industries and
enhance people's lives. Corning succeeds through sustained
investment in RD&E, a unique combination of material and
process innovation, and deep, trust-based relationships with
customers who are global leaders in their industries.
Corning's capabilities are versatile and synergistic, which allows
the company to evolve to meet changing market needs, while also
helping our customers capture new opportunities in dynamic
industries. Today, Corning's markets include optical
communications, mobile consumer electronics, display technology,
automotive, and life sciences vessels. Corning's industry-leading
products include damage-resistant cover glass for mobile devices;
precision glass for advanced displays; optical fiber, wireless
technologies, and connectivity solutions for state-of-the-art
communications networks; trusted products to accelerate drug
discovery and delivery; and clean-air technologies for cars and
trucks.
Media Relations
Contacts:
M. Elizabeth Dann
(607) 974-4989
dannme@corning.com
Justin Nicolette
(828) 901-6994
nicolettj@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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