Corning Incorporated (NYSE:GLW) announced today that it has completed the previously announced acquisition of the majority of the Discovery Labware business from BD (Becton, Dickinson and Company) (NYSE:BDX) for approximately $720 million in cash.
The acquisition of the BD Discovery Labware business will expand Corning Life Sciences’ market presence in the multi-billion dollar global laboratory consumables market, especially in important Asian markets such as India, Korea, and Japan. Corning’s broad portfolio of laboratory products and services will be significantly enhanced by the addition of the Discovery Labware business’s four main product platforms: plastic consumable labware (liquid handling and cell culture products); biologically coated plastic consumable labware; cell culture reagents; and ADME research.
“We are eager to move forward with this very exciting opportunity to expand Corning’s leadership in the growing laboratory consumables industry,” said Dr. Richard M. Eglen, vice president and general manager, Corning Life Sciences. “Discovery Labware’s talented team of professionals has a proven history of delivering customer-driven solutions. We will build a bright future together through our outstanding combination of technologies, service, and global market access.”
“We are executing our plan to supplement Corning’s organic growth with strategic acquisitions that extend our capabilities and market reach,” said Wendell P. Weeks, chairman and chief executive officer. “We are excited about the comprehensive product portfolio and established dealer networks that Discovery Labware adds to our Life Sciences business. With this acquisition, we are not only enhancing our ability to serve customers, we are honoring our commitment to build a bigger, more balanced company.”
The BD Discovery Labware business has operations in Massachusetts, North Carolina, and the United Kingdom, and extensive dealer networks in Asia, Europe, and North America. Corning Life Sciences and Discovery Labware customers can expect to receive the same excellent service they depend on as Corning works through a 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.