Corning Incorporated (NYSE:GLW) announced today that it has completed the acquisition of Mediatech, Inc., a Virginia-based corporation, including Mediatech’s subsidiary, KD Medical, Inc., a Maryland-based corporation.
Mediatech is now a wholly owned subsidiary of Corning and will be integrated into Corning’s Life Sciences segment. The terms of the agreement are not being disclosed.
Mediatech develops, manufactures, and sells a broad range of high-quality cell culture media and molecular biology reagents related to tissue and cell culture applications. Its products under the cellgro® brand include culture media, basal salt solutions, antibiotics, sera, specialty media, and flexible packaging systems.
“By providing customers worldwide with greater access to Mediatech’s cellgro product portfolio, this acquisition supports Corning’s ongoing commitment to supply its customers with a comprehensive line of laboratory research tools,” said Richard Eglen, general manager, Corning Life Sciences.
Mediatech’s wide array of culture media and molecular biology reagents are complementary to the general labware, cell culture, lab equipment, and HTS/Assay products offered today by Corning. In addition, the acquisition enables Corning to continue to improve its strategic balance by strengthening its Life Sciences segment.
Jason Walsh, director of New Platforms, Corning Life Sciences, will become general manager of Mediatech. James DeOlden, co-founder of Mediatech, will serve in an advisory capacity during the leadership transition.
“I am very happy to be working with the Corning organization to expand the market access for Mediatech’s high-quality products and solutions,” DeOlden said.
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 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.
About Mediatech Inc.
Mediatech, Inc., (www.cellgro.com) is a leading Life Science company providing products, services and solutions to support our customer’s research, development and production. Our academic, biotechnology, and pharmaceutical customers use our products in scientific and genomic research, biotechnology, pharmaceutical development, the diagnosis of disease and as key components in pharmaceutical and other high technology manufacturing. In addition to a broad product line of bottled products, Mediatech also develops, manufactures and supplies custom cell and tissue culture products and flexible packaging to meet specific customer needs. The Company is a cGMP facility, certified to FDA Regulations 21 CFR Part 820, as well as ISO 13485:2003.