FONT-SIZE Plus   Neg

Corning To Buy BD's Discovery Labware Unit For $730 Mln In Cash - Quick Facts

Corning Inc. (GLW) said it agreed with Becton, Dickinson and Co. (BDX), or BD, to acquire majority of BD's Discovery Labware unit for around $730 million in cash. The acquisition is expected to be completed later this year.

According to Corning, when complete, the acquisition will augment its global market access and enhance its broad portfolio of life sciences products in the areas of drug-discovery tools, bioprocess solutions and laboratory research instruments.

Wendell Weeks, chairman, chief executive officer and president, stated, "The Discovery Labware unit's extensive product portfolio and established dealer network will significantly improve Corning Life Sciences' offerings to customers and is a critical part of Corning's long-term growth strategy. With sales of approximately $235 million, the acquisition will expand Corning Life Sciences' annual revenues by 40% and catapult the segment toward its goal of being a $1 billion business by 2014. And, the acquisition provides added momentum for Corning to achieve our $10 billion revenue target in the next few years."

The company projects that the transaction will be slightly accretive in 2013.

James Flaws, vice chairman and chief financial officer, said, "We plan to continue our current share repurchase activity and maintain our ability to provide additional shareholder distributions in the future, should the board of directors choose to do so. We expect this to grow to $0.05 per share, excluding purchased intangibles amortization, when full integration into our existing business is complete by 2016."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Xbox Live users are aggravated about repeated outages that have prevented gamers from accessing online multiplayer features. Blaming higher egg prices and other rising costs, Dunkin's Donuts will close 100 stores, all of them Speedway gas station and convenience store locations. Micron Technology, Inc. said that its fourth quarter profit fell 59% from last year, as sales declined and gross margins deteriorated amid weak demand and pricing pressures due to continued softness in the personal computer market. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly sales.
comments powered by Disqus
Trade GLW now with 
Follow RTT