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."
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