Corning Incorporated (NYSE: GLW) today announced it has acquired SpiderCloud Wireless Inc., a leading provider of in-building wireless solutions. Terms of the agreement were not disclosed.
SpiderCloud, based in Milpitas, California, develops scalable small-cell network platforms that deliver unprecedented coverage and capacity for wireless services inside buildings. Small cells are deployed by mobile operators and enterprises to optimize network efficiency and improve user experience.
The acquisition of SpiderCloud’s innovative solutions and the company’s position as a preferred provider to key wireless customers create unique market access opportunities for Corning. SpiderCloud will become part of the Corning Optical Communications segment, and aligns with the business’ strategy of growing annual sales from $3 billion in 2016 to $5 billion in 2020 through innovation and acquisitions.
“Wireless connectivity has become more a necessity than an amenity, and mobile operators and enterprise customers are seeking cost-effective solutions to enhance service for their users inside buildings,” said Clark S. Kinlin, executive vice president, Corning Optical Communications. “With the acquisition of SpiderCloud Wireless, we believe our combined product solutions will help drive optical convergence and enable the advantages of fiber-deep architectures within the Enterprise Local Area Network.”
“We are excited to become part of Corning, an innovative, technology-driven company that continually leads the way in the telecommunications industry,” said SpiderCloud Wireless CEO Mike Gallagher. “Together we will continue to focus on expanding SpiderCloud’s customer relationships and augmenting our pioneering portfolio by leveraging the combined strength of two world-class product development teams.”
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.