Corning Acquires SpiderCloud Wireless
July 19 2017 - 4:30PM
CORNING, N.Y.; JULY 19, 2017 - 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.
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.
Corning Optical Communications
Contact:
Justin
Nicolette
(828)
901-6994
nicolettj@corning.com
Media Relations
Contact:
Joe
Dunning
(607)
974-5006
dunningjm@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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information contained therein.
Source: Corning Incorporated via Globenewswire
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