Corning Reaches Agreement to Sell Steuben
23 Luglio 2008 - 8:15PM
Business Wire
Corning Incorporated (NYSE:GLW) announced today that it has reached
an agreement to sell its Steuben� Glass Division to Steuben Glass
LLC, a newly formed affiliate of Schottenstein Stores Corporation
(SSC). Schottenstein Stores Corporation is a multi-billion dollar
private equity company focused on retail and luxury holdings. The
transaction is expected to be finalized in the third quarter.
Steuben Glass LLC will continue the Steuben operations in Corning,
as well as retail sales in the New York City flagship store located
at 667 Madison Avenue. Corning Incorporated will maintain a 19.9%
equity ownership stake in Steuben Glass LLC. The sale price and
other terms are not being disclosed. �We couldn�t be more thrilled
for the employees of Steuben, its customers and the residents of
Corning, N.Y.,� said James B. Flaws, vice chairman and chief
financial officer. �Schottenstein Stores Corporation is one of the
premier private retail institutions in America. Not only do they
understand and appreciate the value of the Steuben brand and its
quality products, they are enthusiastic about adding Steuben to
their family of luxury brands,� he said. �Their commitment to
continuing operations in Corning is a testament to the
professionalism and dedication of the Steuben workforce,� Flaws
added. Steuben will join the Schottenstein Luxury Group (SLG)
portfolio that includes the iconic American brand, Judith Leiber
and the Italian fashion brand, Shir�. SLG is focused on the
development of prestigious brands that present opportunities for
growth in the global marketplace. The Steuben brand�s distinct
voice, rich heritage and unique position make it a perfect addition
to the SLG portfolio. Jay L. Schottenstein, chairman and chief
executive officer of Schottenstein Stores Corporation, said,
�Steuben Glass is a national treasure. I am excited and pleased to
be able to ensure that Steuben, synonymous with quality, will
become a member of the Schottenstein portfolio of world class
luxury brands.� Schottenstein said that SSC is prepared to dedicate
significant retail management expertise and resources to enable
Steuben to achieve its full potential. �We are fully prepared to
grow and expand the business and believe there is tremendous
opportunity to extend the Steuben brand in key markets around the
world,� he said. Marie McKee, president of the Steuben Glass
Division, said �While it was an extremely difficult decision to
sell Steuben, we are tremendously pleased that Jay Schottenstein is
committed to continuing the Steuben brand�s tradition and history.
We look forward to our partnership.� Lincoln International LLC
served as financial advisor and Nixon Peabody served as legal
advisor to Corning Incorporated. Financo, Inc. served as financial
advisor and Wachtell, Lipton, Rosen & Katz served as legal
advisor to Schottenstein Stores Corporation. About Corning
Incorporated Corning Incorporated (www.corning.com) is the world
leader in specialty glass and ceramics. Drawing on more than 150
years of materials science and process engineering knowledge,
Corning creates and makes keystone components that enable
high-technology systems for consumer electronics, mobile emissions
control, telecommunications and life sciences. Our products include
glass substrates for LCD televisions, computer monitors and
laptops; ceramic substrates and filters for mobile emission control
systems; optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery;
and other advanced optics and specialty glass solutions for a
number of industries including semiconductor, aerospace, defense,
astronomy and metrology. About Schottenstein Stores Corporation
Schottenstein Stores Corporation (SSC) is a privately held family
of businesses affiliated with: American Eagle Outfitters (NYSE);
Martin and Osa; aerie; Retail Ventures Inc. (NYSE) which is the
parent of DSW, also a NYSE listed company and Filene�s Basement;
American Signature Inc/Value City Furniture, Adrienne Vittadini,
Judith Leiber and Shir�.
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