(Corrects name of Becton in headline from Benton)
* Deal valued at $730 million when it was announced
* Corning to bring Sigma-Aldrich online as competitor
* Glassmaker Corning has been hurt by lagging TV sales
WASHINGTON, Oct 31 Specialty glass maker Corning
Inc has won U.S. approval to buy a division of Becton
Dickinson & Co that makes specialized labware, but must
help Sigma-Aldrich Co enter that market, the Federal
Trade Commission said on Wednesday.
The value of the deal was given as $730 million when it was
announced in April.
Corning, which makes a variety of glass, plastics and
ceramics, agreed to provide assets and assistance to
Sigma-Aldrich Co so it can begin manufacturing containers such
as dishes for culturing cells and other containers, the FTC
Corning will supply the products to Sigma-Aldrich until its
manufacturing plant is up and running.
Corning and the Becton Dickinson division being purchased
are the largest suppliers of specialized dishes used by
researchers in some cell culture work. There are two smaller
providers, and the arrival of Sigma-Aldrich into the market
would restore competition, the FTC said.
Corning's management had said during an investor
presentation in February that it planned to make acquisitions in
its life sciences business to boost slowing demand for
In early afternoon trading on the New York Stock Exchange,
Corning shares were down 0.2 percent at $11.80, and Becton
Dickinson rose 0.1 percent to $75.43.
(Reporting by Diane Bartz; Editing by Lisa Von Ahn)