Key Developments: Corning Inc (GLW)
16.14USD
17 May 2013
$0.69 (+4.47%)
$15.45
$15.42
$16.14
$15.39
24,333,962
13,268,286
$16.14
$10.62
Latest Key Developments (Source: Significant Developments)
Abengoa SA Closes Sale Of Its Brazilian Subsidiary, Bargoa, To Corning Inc-DJ
Dow Jones reported that Abengoa SA has finalized the sale of its Brazilian subsidiary, Bargoa, which manufactures telecommunications components, to a United States-based company, Corning Inc. The transaction reflects Abengoa SA's strategy to focus on its core activities, which include the engineering, development and operation of solar-thermal plants, water desalination plants, energy transmission lines and biofuels production plants. Full Article
Corning Inc Increases Quarterly Dividend; Announces New $2 Billion Share Repurchase Program
Corning Inc announced that its Board of Directors approved an increase in the Company`s quarterly common stock dividend. Corning`s second quarter dividend will rise to $0.10 per share of common stock held, versus $0.09 per share previously. The second-quarter dividend will be payable on June 28, 2013 to holders of record on May 31, 2013. Additionally, the board authorized a share repurchase program to acquire up to $2 billion of the Company`s common stock from time to time through open market or private transactions. The stock repurchase authorization expires on Dec. 31, 2014. This new program is incremental to repurchases totaling $1.5 billion completed in December 2012. Full Article
Corning Inc Announces Acquisition Of Abengoa SA's Bargoa S.A-DJ
Dow Jones reported that Corning Inc announced that it has signed an agreement with Abengoa SA to acquire its Brazilian subsidiary, Bargoa S.A., a provider of connectivity solutions for the Brazilian telecommunications sector. The terms of the agreement are not being disclosed. Pending regulatory approvals, the acquisition is expected to be completed by the end of the second quarter in 2013. Full Article
Corning Inc Declares Quarterly Dividend
Corning Inc announced that it has declared a quarterly dividend on the Company`s common stock of $0.09 per share, payable on March 28, 2013, to holders of record February 28, 2013. Full Article
Corning Inc Completes BD Discovery Labware Business Acquisition From Becton Dickinson And Co
Corning Inc announced that it has completed the previously announced acquisition of the majority of the Discovery Labware business from BD (Becton, Dickinson and Company) for approximately $720 million in cash. Full Article
Corning Inc Gets U.S. Approval To Buy Becton Dickinson And Co's Assets-Reuters
Reuters reported that 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 (SIAL.O) enter that market. The value of the deal was given as $730 million when it was announced in April. Full Article
Corning Inc Prices $250 Million Of Senior Unsecured Notes
Corning Inc announced that it has priced $250 million aggregate principal amount of senior unsecured notes at a coupon of 1.45%. The notes will mature on November 15, 2017. Subject to customary closing conditions, the transaction is expected to close on October 31, 2012. A portion of the net proceeds of the offering will be used to fund the purchase of the debt securities subject to the tender offer and the redemptions announced by the Company, and any excess net proceeds will be used for general corporate purposes. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC served as joint book-running managers and underwriters for the offering. Full Article
ADVA AG Optical Networking and Corning Inc Jointly Demonstrate ADVA 100G Metro Solution
ADVA AG Optical Networking (ADVA) and Corning Inc announced that the ADVA 100G Metro solution has been used to transport data over 600km of Corning LEAFR optical fiber. The demonstration represents the first time that direct-detection 100G technology has been used outside of the metro environment and positions it as a genuine 100G solution for regional networks. The joint demonstration was conducted at ADVA Optical Networking's Meiningen campus n Germany and used the ADVA FSP 3000 with inline amplification and Corning LEAFfiber. Full Article
Corning Inc Increases Quarterly Common Dividend
Corning Inc announced that it has declared a 20% increase in the Company’s quarterly common stock dividend. Corning’s quarterly dividend will rise to $0.09 per share of common stock held, versus $0.075 per share previously. The increase will result in Corning’s dividends rising to $0.36 per share on an annual basis. The fourth-quarter dividend will be payable on December 14, 2012 to holders of record November 16, 2012. Full Article
Corning Inc's Subsidiary And Samsung Display Co., Ltd To Extend LCD Collaboration In China
Corning Incorporated's Corning Singapore Holdings Private Limited and Samsung Display Co., Ltd. announced that they have signed a Memorandum of Understanding with the government of Wuxi New District, China, intending to establish a new equity venture for the manufacture of TFT-LCD glass substrates in China. Pending a final signed agreement between Corning and Samsung Display, the new equity venture is expected to be formed later this year, subject to receipt of regulatory approvals. Corning and Samsung Display will authorize the new company to spend up to USD600 million to construct a new LCD glass substrate facility in the People’s Republic of China. The new company will make the investment in phases over the next few years as stages of the facility are constructed and brought online. With the support of the Wuxi municipal government, the new entity will be located in Wuxi New District, Wuxi City, Jiangsu Province, in China. The manufacturing plant will have Gen 8 (2,200 x 2,500 mm) glass-melting and finishing capability. Construction of the facility will start by the end of 2012, with production expected to begin at the end of 2013, in time to meet demand for the start-up of Samsung Suzhou LCD. Full Article
UPDATE 3-Corning profit beats on strong demand for Gorilla Glass
* Expects sales of specialty materials to rise 15-20 pct in 2nd qtr
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