Corning to Acquire Optical Corporation of America; Acquisition to Enhance Company's Photonic Technologies Business.CORNING, N.Y.--(BUSINESS WIRE)--March 26, 1997--Corning Incorporated (NYSE NYSE See: New York Stock Exchange :GLW GLW Glasgow Airport (UK) GLW Gross Laden Weight GLW Good Lady Wife (Australia) ) announced today that it has signed a definitive agreement under which it will acquire Optical Corporation of America (OCA OCA oculocutaneous albinism. ), a privately held worldwide supplier of opto- electronic components and systems for communications, medical, industrial, defense, and aerospace applications. The terms of the agreement were not disclosed. OCA designs and manufactures custom optical and opto- electronic products and has recently experienced rapid growth in its new fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber product line. These products, which are based on patented optical filter and coating technologies, include dense wavelength division multiplexers, channel add/drop devices, gain flattening filters, and laser stabilization techniques. The company had sales of approximately $30 million in 1996. Upon completion of the transaction, Corning, a leading manufacturer of optical fiber for telecommunications networks and other market applications through its communications segment, will integrate OCA with its Photonic Technologies Division, a rapidly growing unit that designs, develops and manufactures optical devices used in communications systems. Corning said the transaction is subject to customary regulatory approvals. Established in 1851, Corning Incorporated Corning Incorporated NYSE: GLW is an American manufacturer of glass, ceramics and related materials, primarily for industrial and scientific applications. The company was known until 1989 as Corning Glass Works. creates leading-edge technologies for the fastest growing segments of the world's economy. Corning manufactures optical fiber, cable and components, high performance glass and components for televisions, and other electronic displays for communications and communications-related industries; advanced materials for the scientific and environmental markets; and consumer products. Corning's total revenues in 1996 were $3.7 billion. CONTACT: Corning Inc., Corning Kathryn C. Littleton, 607/974-8206 Investor Relations Investor relations The process by which the corporation communicates with its investors. : Richard B. Klein, 607/974-8313 Katherine M. Dietz, 607/974-8217 -or- Kekst & Co., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Todd Fogarty, 212/593-2655 |
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