Thu, Oct. 22, 2:09 PM
- During its Q3 earnings call, Dow Chemical (DOW +3.6%) stated it might buy Corning's (NYSE:GLW) stake in the companies' Dow Corning silicon product JV, as part of a broader effort to restructure its JV interests.
- Dow added talks have already been held with Corning. The company disclosed last year Corning wanted out of the JV, following its 2013 deal to buy Samsung's stake in an LCD glass JV.
- Dow Corning's sales fell 5% Y/Y in Q2 to $1.42B, thanks to a strong dollar and weak polysilicon sales to solar manufacturers. Adjusted net income nonetheless rose 27% to $127M, aided by strong demand within the JV's high-margin silicones business.
- Earlier: Dow jumps on Q3 EPS beat, accelrated buyback, restructuring efforts
Tue, Jun. 30, 8:19 AM
- Corning (NYSE:GLW) has struck a deal with German pharma and healthcare glass/plastics maker Gerresheimer (OTC:GRRMF) to acquire the company's pharma glass tubing business for €196M ($219M) in cash (presumably offshore). The deal is expected to close by year's end.
- As part of the deal, Corning and Gerresheimer will enter into a long-term glass tubing supply agreement, and form a JV (75%-owned by Corning) to "focus on accelerating Corning innovations for the pharmaceutical glass packaging market."
- Corning notes drug-delivery advances and industry interest in greater efficiency are driving demand for more stringent pharma glass packaging requirements. It also sees cost synergies, and predicts the deal will allow it to "bring revolutionary new technologies to the pharmaceutical glass packaging market."
- In 2014, Corning's Life Sciences unit (offers PYREX and a variety of other pharma industry glass products) had revenue of $862M (+1% Y/Y) and net income of $87M.
- Yesterday: Barclays' top tech picks: ORCL, GLW, CAVM, TSS
Wed, Apr. 1, 12:43 PM
- Corning (GLW -1.7%) has bought iBwave Solutions, a Montreal-based provider of design/planning, modeling, and management software for in-building wireless networks. Terms are undisclosed.
- Corning states iBwave's software/services are "used by more than 600 global leading telecom operators, system integrators, and equipment manufacturers in more than 80 countries." The company will continue operating under the iBwave name, as a part of Corning's Optical Communications (fiber) unit.
- iBwave's products appear to complement Corning's ONE Wireless platform, which provides integrated mobile, Wi-Fi, and Ethernet backhaul for companies through a mixture of fiber/optical gear and Ethernet switches.
- Previously: Corning partners with Zhone for fiber/wireless enterprise solution
Apr. 10, 2012, 8:24 AMCorning (GLW) will acquire a majority of Becton Dickinson's (BDX) Discovery Labware unit for $730M in cash. Corning says the deal will enhance its portfolio of life sciences products and add to its effort to meet its $10B revenue target in the next few years. GLW +0.7%, BDX +0.7% premarket. | Apr. 10, 2012, 8:24 AM | 1 Comment
Corning Inc is engaged in manufacturing of specialty glass and ceramics. The Company's segments are Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences.
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