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
Canada-based cannabis company Cronos Group Inc. (CRON) and MM Enterprises USA LLC said Monday that they have formed a cross-border joint venture to cater to Canadian consumers. The move comes as Canada plans to legalize adult use of cannabis by the end of this year. MM Enterprises USA, LLC is a U.S. cannabis company with facilities in California, Nevada, and New York. Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion. Tiffany & Co. (TIF) reported fourth-quarter net earnings of $62 million, or $0.50 per diluted share, which were 61% below the prior year's $158 million, or $1.26 per diluted share. The company recorded tax-related charges in the fourth quarter of 2017 and certain impairment charges in last year's fourth...
comments powered by Disqus
Follow RTT