Corning Incorporated (NYSE: GLW) today announced it has acquired full ownership of STRAN Technologies, a U.S.-based producer of harsh environment and tactical interconnect products and services. STRAN serves the military/aerospace and oil/gas industries. Terms of the agreement were not released.
As an OEM designer and manufacturer of rugged fiber-optic and hybrid fiber/power connectivity solutions, STRAN Technologies’ products are qualified and specified for use on mission-critical infrastructure. The STRAN team provides exceptional engineering, installation, and maintenance services, and also brings design and manufacturing expertise that will allow Corning to reach new customers.
“The acquisition of STRAN Technologies enhances Corning’s market access to military and aerospace, and oil and gas segments through the addition of harsh environment optical and power connectors and cable assemblies,” said Clark S. Kinlin, executive vice president, Corning Optical Communications. “It also augments our innovation product and technology portfolios, strengthening our ability to deliver new integrated solutions to network operators worldwide.”
“We are pleased to join forces with Corning, a true industry leader who shares our commitment to providing the highest quality, most innovative, and best-in-class connectivity solutions to our customers,” said Jim Stranberg, founder and chief executive officer of STRAN Technologies. “The combined resources that Corning and STRAN can together provide will greatly strengthen our ability to support customers’ technical and business requirements, and provide excellent opportunities for our people.”
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.
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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.