logo
Share SHARE
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
Facebook Inc. (FB), Wednesday reported a jump in profit for the second quarter, as the social networking giant's bottom line continues to be driven by soaring ad revenues. Both earnings and revenues trumped Wall Street expectations, sending shares up by 6 percent in the extended hours. Menlo Park,... Boeing Co.(BA) reported a loss for the second-quarter 2016 compared to profit in the prior year, reflecting 787 cost reclassification and charges on the 747 program and the KC-46 Tanker program, partially offset by solid execution and higher volume. It cut its profit outlook for fiscal year 2016, while it reaffirmed annual revenue guidance. Automaker Fiat Chrysler Automobiles NV on Wednesday reported a 25 percent increase in profit for the second quarter from last year. However, quarterly net revenues and worldwide shipments declined from last year.
comments powered by Disqus
Follow RTT