Corning Incorporated (NYSE: GLW) announced today that it has reached an agreement to acquire TR Manufacturing, Inc. The terms of the agreement were not released. The acquisition is expected to be completed by the end of the first quarter 2015, subject to customary closing conditions, including receipt of regulatory approvals.
With its main activities located in Fremont, Calif., TR Manufacturing is an industry-leading provider of fiber-optic and copper cable/component interconnects and electro-mechanical assemblies to OEMs (original equipment manufacturers) in a wide range of technology industries. Upon closing, TR Manufacturing will be a wholly owned subsidiary of Corning, reporting to Corning’s Optical Communications business segment.
Corning is a global provider of connectivity solutions to every edge of the communications network. The combination of TR Manufacturing’s capabilities with Corning Optical Communications’ portfolio of connectivity products and global manufacturing reach will enable Corning to extend its position as a leading provider of optical solutions.
“We are excited about the opportunity to expand Corning’s capabilities to service the growing bandwidth demand of all network operators,” said Clark S. Kinlin, executive vice president, Corning Optical Communications. “TR Manufacturing’s expertise, supported by Corning’s global infrastructure, will allow the new entity to better meet customer needs for innovative solutions. We look forward to building a bright future together with their talented team.”
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.