Corning Incorporated (NYSE: GLW) announced today that it has acquired assets of NovaSol, a leading provider of advanced hyperspectral imaging systems. The terms of the agreement are not being disclosed.
Founded in 1998, NovaSol specializes in the research and development of next-generation active and passive optical systems, including electro-optical systems and optical communication systems. The acquisition will be integrated into the Advanced Optics business unit within Corning’s Specialty Materials division.
“We are excited about the opportunity to expand Corning’s portfolio of hyperspectral imaging solutions,” said Curt Weinstein, vice president and general manager, Corning Advanced Optics. “NovaSol has a proven history of providing best-in-class performance in innovative imaging solutions. We look forward to having NovaSol’s talented team working with us to address current and emerging market opportunities.”
NovaSol’s technology portfolio, combined with Corning’s expertise in the design, development, and manufacture of optical imaging systems, can deliver innovative imaging solutions that are designed to provide high-performance, low-cost solutions. Additionally, the combined expertise enables Corning to more efficiently address the needs of emerging industrial markets for advanced spectral imaging solutions.
“Corning’s extensive production capabilities in optical systems and components and their deep commitment to research and development are synergistic with NovaSol’s core competencies in imaging systems and optical communications,” said Dr. Rick Holasek, NovaSol’s president and CEO.
With a goal toward establishing leadership in advanced hyperspectral imaging solutions, the acquisition provides key elements to fulfill that strategy.
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.