Corning Completes Acquisition of Samsung Electronics' Fiber Optics Business
March 31 2015 - 4:31PM
Acquisition supports optical communications growth in
Asia
CORNING, N.Y., March
31, 2015 - Corning Incorporated (NYSE: GLW)
announced today that it has completed the previously announced
acquisition of Samsung Electronics Co., Ltd.'s fiber optics
business.
Samsung Electronics is a trusted provider of
optical fiber, cable, and connectivity for customers in South
Korea, China, and Southeast Asia. Corning will integrate Samsung
Electronics' fiber optics business, with manufacturing facilities
in Gumi, South Korea, and in Hainan, China, into the Corning
Optical Communications business segment. The acquisition augments
Corning's market access and enhances its broad portfolio of optical
communications products in Asia.
"We welcome Samsung Electronics' talented team to
Corning, and together we look forward to expanding Corning's global
presence to better meet customer needs for innovative fiber optic
solutions," said Clark S. Kinlin, executive vice president, Corning
Optical Communications. "We are enthusiastic about the
opportunities this operation provides in Korea and throughout
Southeast Asia."
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 (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contacts:
Isolde Karro
(828) 901-6406
karroI@corning.com
M. Elizabeth Dann
(607)
974-4989
dannme@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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