Corning Completes Acquisition of Samsung Corning Precision Materials
15 Gennaio 2014 - 10:30PM
CORNING, N.Y., January 15,
2014 - Corning Incorporated (NYSE: GLW) announced
today that it has completed the previously announced plan to obtain
full ownership of Samsung Corning Precision Materials, Co., Ltd.
(SCP), formerly an unconsolidated equity venture with Samsung
Display Co., Ltd., which manufactures LCD glass in Korea.
In connection with the acquisition, Corning issued
new convertible preferred shares to Samsung Display with an
aggregate face amount of $1.9 billion. Samsung Display made an
additional investment in Corning by purchasing another $400 million
of the new convertible preferred shares.
This acquisition is expected to deliver important
financial and strategic benefits to Corning. By gaining full
control of its global fusion-glass manufacturing platform, the
company can achieve greater flexibility in asset use, improved
operational efficiencies, and better positioning for new
specialty-glass market opportunities. The company anticipates that
shareholders will benefit from increased earnings and incremental
free cash flow.
"We are eager to move forward with this very
exciting opportunity to extend Corning's leadership in specialty
glass, drive earnings growth, and continue to strengthen our
collaboration with Samsung, one of the world leaders in consumer
electronics. We consider Samsung's investment in Corning to be a
great vote of confidence," said Wendell P. Weeks, chairman and
chief executive officer.
"SCP's talented team of professionals has a proven
history of delivering customer-driven results. We will build a
bright future together through our outstanding combination of
technology development, customer service, and manufacturing
excellence," he added.
Operating under the new name of Corning Precision
Materials Korea Co., Ltd, the former SCP organization and
operations will combine with Corning's Display Technologies segment
through a phased business-integration plan.
Forward-Looking and
Cautionary Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, 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; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed 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.
About Corning
Incorporated
Corning Incorporated (www.corning.com) is the world leader in
specialty glass and ceramics. 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. 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.
Media Relations
Contact:
Daniel F. Collins
(607) 974-4197
collinsdf@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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