Corning Incorporated (NYSE: GLW) announced today that it has completed the previously announced acquisition of Abengoa’s (MCE: ABG) Brazilian subsidiary, Bargoa S.A.
With its main activities located in Rio de Janeiro, Brazil, Bargoa provides a wide range of connectivity solutions in the rapidly growing Brazilian telecommunications marketplace. Going forward, Bargoa S.A. will become Corning Tecnologias de Comunicação S.A. The newly acquired company will be integrated into Corning’s Telecommunications business segment led by Executive Vice President Clark S. Kinlin.
“We welcome our talented new colleagues to Corning,” said Kinlin. “They have a proven history of delivering customer-driven solutions based on excellent manufacturing capabilities. Together, we look forward to providing even better service for our customers in Brazil as the country continues to grow and develop its telecommunications infrastructure in preparation for major events such as the FIFA World Cup and the 2016 Olympics.”
The acquisition expands Corning’s base of operations in the region. By combining Corning’s innovative telecommunications portfolio with the newly acquired manufacturing and product design capabilities, Corning expects to extend its leadership as a connectivity solutions provider in Brazil.
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.