Corning Incorporated to Sell its Frequency Control Business to Vectron International Incorporated

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Corning Incorporated to Sell its Frequency Control Business to Vectron International Incorporated

Corning Incorporated to Sell its Frequency Control

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Corning Incorporated to Sell its Frequency Control Business to Vectron International Incorporated
Corning Incorporated to Sell its Frequency Control Business to Vectron International Incorporated
CORNING, N.Y. | Corning Incorporated | July 08, 2004

Corning Incorporated (NYSE: GLW) announced today that it has agreed to sell its frequency control business to Vectron International, Incorporated. Financial details of the transaction are not being disclosed.

Corning Frequency Control (CFC), part of Corning’s telecommunications segment, was acquired in 2000 as part of Corning’s purchase of Oak Industries. CFC designs and manufactures precision crystal oscillators, resonators, and filters that serve as stable frequency references for a broad range of wireless and wireline communications technologies. Vectron International is an industry veteran in the design, manufacture and marketing of crystal and Surface Acoustic Wave (SAW) products.

Corning expects to close the transaction in the third quarter of this year and realize a loss of approximately $25 million pre-tax in its third quarter results including the allocation of a portion of the telecommunications segment’s goodwill.

About Corning Incorporated
Corning Incorporated (www.corning.com) is a diversified technology company that concentrates its efforts on high-impact growth opportunities. Corning combines its expertise in specialty glass, ceramic materials, polymers and the manipulation of the properties of light, with strong process and manufacturing capabilities to develop, engineer and commercialize significant innovative products for the telecommunications, flat panel display, environmental, semiconductor, and life sciences industries.