Corning Concludes Sale of Steuben
01 Agosto 2008 - 5:00PM
Business Wire
Corning Incorporated (NYSE:GLW) announced today that it has
completed the sale of its Steuben� Glass Division to Steuben Glass
LLC, a newly formed affiliate of Schottenstein Stores Corporation
(SSC). Terms of the sale are not being disclosed. Concluding a
transaction that was announced on July 23, 2008, Corning divested
the assets of its Steuben Glass Division in order to better
position the business for future growth. Schottenstein Stores
Corporation is a multi-billion dollar private equity company
focused on retail and luxury holdings. Corning will maintain a
19.9% ownership in the new Steuben Glass LLC. A new labor agreement
between Steuben Glass LLC and United Steelworkers Union, Local 1000
has been reached, having received overwhelming support from the
membership. �The combined focus on quality manufacturing and strong
retail expertise, resulting from bringing Corning and SSC together
to complete this agreement should enable Steuben to flourish,�
noted James B. Flaws, vice chairman and chief financial officer,
Corning Incorporated. 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�.
Forward-Looking and Cautionary Statements This press release
contains forward-looking statements that involve a variety of
business risks and other uncertainties that could cause actual
results to differ materially. These risks and uncertainties include
the possibility of changes in global economic and political
conditions; currency fluctuations; product demand and industry
capacity; competition; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; changes in the mix of sales between premium and
non-premium products; new plant start-up costs; possible disruption
in commercial activities due to terrorist activity, armed conflict,
political instability or major health concerns; adequacy of
insurance; equity company activities; acquisition and divestiture
activities; the level of excess or obsolete inventory; the rate of
technology change; the ability to enforce patents; product and
components performance issues; stock price fluctuations; and
adverse litigation or regulatory developments. Additional risk
factors are identified in Corning�s filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the day that they are made, and Corning undertakes no obligation to
update them in light of new information or future events.
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