FRANKLIN LAKES, N.J.,
April 10, 2012 /PRNewswire/
-- BD (Becton, Dickinson and Company) (NYSE:BDX), a leading
global medical technology company, announced today that it has
signed a definitive agreement to sell its BD Biosciences -
Discovery Labware unit, excluding its Advanced Bioprocessing
platform, to Corning Incorporated (NYSE:GLW), the world leader in
specialty glass and ceramics. The transaction will be a cash
sale for approximately $730 million,
subject to post-closing adjustment for inventory balances.
"We are pleased that we found in Corning a buyer committed to
growing sales for these components of our Discovery Labware unit,
ensuring their ongoing success, and continuing to deliver value and
service to customers," stated William A.
Kozy, Executive Vice President. "This sale will enable our
BD Biosciences segment to focus resources and management attention
on both our recent Biosciences acquisitions and our recently
launched new instrumentation products, which are essential to our
accelerated growth efforts."
Drawing on more than 160 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. Corning Life Sciences has been a leading developer,
manufacturer and global supplier of scientific laboratory products
for more than 90 years.
The transaction is expected to be completed by the end of
calendar 2012, subject to the satisfaction of customary closing
conditions, including consultations and regulatory approvals.
For the full fiscal year 2012, revenues and earnings per share
associated with this asset group are forecasted at about
$235 million and $0.23 to $0.27,
respectively. The Company expects to record a gain on the
sale when the transaction is completed.
About BD
BD is a leading global medical technology company that
develops, manufactures and sells medical devices, instrument
systems and reagents. The Company is dedicated to improving
people's health throughout the world. BD is focused on
improving drug delivery, enhancing the quality and speed of
diagnosing infectious diseases and cancers, and advancing research,
discovery and production of new drugs and vaccines. BD's
capabilities are instrumental in combating many of the world's most
pressing diseases. Founded in 1897 and headquartered in
Franklin Lakes, New Jersey, BD
employs approximately 29,000 associates in more than 50 countries
throughout the world. The Company serves healthcare institutions,
life science researchers, clinical laboratories, the pharmaceutical
industry and the general public. For more information, please visit
www.bd.com.
This press release contains certain estimates and other
forward-looking statements (as defined under Federal securities
laws) regarding BD's performance, including future revenues and
earnings per share. All such statements are based upon
current expectations of BD and involve a number of business risks
and uncertainties. Actual results could vary materially from
anticipated results described, implied or projected in any
forward-looking statement. With respect to forward-looking
statements contained herein, a number of factors could cause actual
results to vary materially from any forward-looking
statement. These factors include, but are not limited to: the
unknown consequences of healthcare reform in the United States, including the impact of the
reduction in Medicare and Medicaid payments to hospitals,
pharmaceutical companies and other customers, which could reduce
demand for our products and increase downward pricing pressure;
adverse changes in regional, national or foreign economic
conditions, including any impact that may result from the current
global economic conditions on our ability to access credit markets
and finance our operations, the demand for our products and
services as a result of reduced government funding, lower
utilization rates or otherwise, or our suppliers' ability to
provide products needed for our operations; changes in interest or
foreign currency exchange rates; competitive factors; pricing and
market share pressures; difficulties inherent in product
development and delays in product introductions; increases in
energy costs and their effect on, among other things, the cost of
producing BD's products; fluctuations in costs and availability of
raw materials and in BD's ability to maintain favorable supplier
arrangements and relationships; new or changing laws impacting our
business or changes in enforcement practices with respect to such
laws; uncertainties of litigation (as described in BD's filings
with the Securities and Exchange Commission); future healthcare
reform, including changes in government pricing and reimbursement
policies or other cost containment reforms; the effects of
potential pandemic diseases; our ability to successfully integrate
any businesses we acquire; and issuance of new or revised
accounting standards, as well as other factors discussed in BD's
filings with the Securities and Exchange Commission. We do
not intend to update any forward-looking statements to reflect
events or circumstances after the date hereof except as required by
applicable laws or regulations.
Contacts:
Colleen T. White, Corporate
Communications – 201-847-5369
Colleen_white@bd.com
Monique N. Dolecki, Investor
Relations – 201-847-5453
Monique_dolecki@bd.com
SOURCE BD (Becton, Dickinson and Company)