Printer Friendly

Corning Incorporated Board Gives Final Approval to Terms Of Transaction to Spin Off Health Care Services Segment.

CORNING, N.Y.--(BUSINESS WIRE)--Nov. 27, 1996--Corning Incorporated (NYSE:GLW) announced today that its Board of Directors has approved the terms of its distribution to Corning shareholders of shares of the common stock of two subsidiaries that will become independent, publicly traded companies. Corning said the record date for these distributions will be Dec. 31, 1996.

In the distribution, Corning shareholders will receive one share of Quest Diagnostics Incorporated (currently known as Corning Clinical Laboratories Inc.) common stock for every eight shares of Corning common stock held on the record date and one share of Covance Inc. (formerly known as Corning Pharmaceutical Services Inc.) common stock for every four shares of Corning common stock held on the record date. The company said cash will be paid to holders in lieu of fractional shares.

On November 8, 1996, Corning said it had received a favorable ruling from the U.S. Internal Revenue Service (IRS) for a tax-free distribution to Corning shareholders of shares in the two new independent companies.

Corning Chairman and Chief Executive Officer Roger G. Ackerman said, "We have received strong support for this strategic move. At Corning we will sharpen our focus on our core communications and technologies businesses. In addition, both Covance and Quest Diagnostics operating as independent companies will be better positioned to pursue their individual strategies more effectively."

As we close on the final details of the transaction, continued, Mr. Ackerman, "It is clearly an exciting time for the two new companies. Covance, under the leadership of its Chairman, Chris Kuebler, will be established as the premiere international pharmaceutical and biopharmaceutical development services company. Quest Diagnostics, under the leadership of its Chairman, Ken Freeman, will be positioned among the nation's top providers of clinical laboratory testing services which assist doctors and hospitals in the diagnose, treatment and monitoring of disease."

Corning said that it expects to mail an Information Statement to shareholders on or about Dec. 2, 1996 with details about the spin-off and information about the two new companies -- Covance and Quest Diagnostics.

Established in 1851, Corning Incorporated 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, life sciences and environmental markets; and consumer products. Corning's total revenues from continuing operations in 1995 were $3.3 billion.

CONTACT: Investor Relations Contacts:

Richard B. Klein (607) 974-8313

Katherine M. Dietz (607) 974-8217

or

Kathryn C. Littleton, (607) 974-8206

or

Covance Inc. Contact:

Andrew MacKnight (609) 452-4014

or

Quest Diagnostics Contact:

Gary Samuels (201) 393-5597
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 27, 1996
Words:440
Previous Article:Access Health to Provide Personal Health Advisor to HealthPartners of Arizona, Inc.
Next Article:Vicon Industries reports fourth quarter and year-end results.
Topics:


Related Articles
Beverly Enterprises makes announcement.
ACCESS HEALTHNET, INC. ENTERS INTO A MARKETING AND DEVELOPMENT ARRANGEMENT WITH CORNING CLINICAL LABORATORIES.
TheraTx, Incorporated to acquire Helian Health Group, Inc.; Transaction marks expansion into occupational health care.
CORNING INCORPORATED SAYS FRANKLIN HEALTH GROUP UNIT CHANGES NAME TO CORNING FRANKLIN HEALTH.
FOXMEYER HEALTH SIGNS AGREEMENT WITH SHOPKO STORES FOR SALE OF CARESTREAM SCRIP CARD DIVISION.
UNISON SIGNS DEFINITIVE AGREEMENT WITH SIGNATURE.
Corning's Clinical Laboratories spin-off to be named Quest Diagnostics Incorporated.
Quest Diagnostics CEO Kenneth W. Freeman Named to TRW Board of Directors.
TIME WARNER, TURNER OK MERGER REVISIONS.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters