Corning Acquires STRAN Technologies
December 20 2016 - 5:15PM
CORNING, N.Y., DECEMBER 20, 2016 -
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.
Digital Media
Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it intends to
use its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors. The list of
websites and social media channels that the company uses may be
updated on Corning's media and website from time to time. Corning
encourages investors, media, and other interested parties to review
the information Corning may publish through its website and social
media channels as described above, in addition to the company's SEC
filings, press releases, conference calls, and webcasts.
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
Contacts:
Andy
Jackson
(828)
901-6789
Andy.jackson@corning.com
M. Elizabeth Dann
(607) 974-4989
dannme@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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