Corning Asahi Video Products to Sell Manufacturing Assets; Buyer is Largest Producer of Conventional Television Glass In China.Business Editors/High-Tech Writers CORNING, N.Y.--(BUSINESS WIRE)--June 10, 2003 Corning Incorporated (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ) today announced that Corning Asahi Video Products Company (CAV (1) (Component Analog Video) See YPbPr. (2) (Constant Angular Velocity) Rotating an optical disc or hard disk at a constant speed. Contrast with "constant linear velocity" (CLV), in which the platter rotates at varying speeds. ) has reached an agreement to sell certain manufacturing assets from the company's facility in State College, Pa., to the Henan Anyang CPT CPT See: Carriage Paid To Glass Bulb Group, Xinyi Electronic Glass, Co., LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability , located in Henan Province, China. Terms of the sale were not disclosed. On April 15, 2003 Corning announced that CAV, a partnership between Corning and Asahi Glass America (a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Asahi Glass Co., Ltd. of Tokyo, Japan) had experienced a rapid deterioration of demand for its products and would discontinue its business operations. The asset sale will require governmental approvals in China and includes other customary conditions between Corning and the Henan Anyang CPT Glass Bulb Group, Xinyi Electronic Glass Co., LTD. If the transaction closes, Corning expects that the cash received could offset a significant portion of the cash costs of the business closing which were previously estimated at $40 million to $65 million and which will be shared by Corning and Asahi. Corning also expects the transfer of assets The conveyance of something of value from one person, place, or situation to another. The law recognizes that persons are generally entitled to transfer their assets to whomever they wish and for whatever reason. The most common means of transfer are wills, trusts, and gifts. to be substantially complete by year-end. Corning will discuss the financial impact of this transaction in more detail in its second quarter news release scheduled for mid-July. About Corning Incorporated Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies that offer growth opportunities in markets that fuel the world's economy. Corning manufactures optical fiber, cable, hardware and equipment in its Telecommunications segment. Corning's Technologies segment manufactures high-performance display glass, and products for the environmental, life sciences, and semiconductor markets. Forward-Looking and Cautionary Statements This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes or fluctuations in global economic conditions; currency exchange rates; product demand and industry capacity; competitive products and pricing; availability and costs of critical components and materials; new product development and commercialization; order activity and demand from major customers; capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by larger customers in the telecommunications industry and other business segments; the mix of sales between premium and non-premium products; possible disruption in commercial activities due to terrorist activity and armed conflict; ability to obtain financing and capital on commercially reasonable terms; acquisition and divestiture activities; the level of excess or obsolete inventory; the ability to enforce patents; product and components performance issues; and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . These and other risk factors are identified 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. |
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