By Everdeen Mason
Corning Inc. (GLW) agreed to a $1.25 billion accelerated share
buyback plan with Citibank to offset dilution caused by its
acquisition of Samsung Corning Precision Materials Co. in
January.
The buyback is part of the $2 billion repurchase plan that
became effective as the deal closed. Year-to-date, the company had
repurchased nearly 100 million shares. The buyback program is
expected to be completed in the second quarter.
The company's market value is about $26.51 billion, according to
FactSet.
Corning said last year that it would take control of a joint
venture with Samsung Electronics Co.'s business that makes LCD
glass in Korea and receive a $1.9 billion investment in a series of
transactions to strengthen collaboration between the two
companies.
Corning also recently warned that it expects liquid-crystal
display glass prices to fall more sharply in the current quarter
than in previous periods. In January, the company reported that its
revenue shrank in the fourth quarter on price declines in LCD-TV
glass sales.
Write to Everdeen Mason at everdeen.mason@wsj.com
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