Corning Incorporated to Acquire TR Manufacturing, Inc.
December 15 2014 - 8:30AM
CORNING, N.Y. - 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.
Media Relations
Contact:
Monica L. Monin
(607)
974-8769
moninml@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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