Corning Incorporated Acquires Assets of NovaSol
23 January 2015 - 12:30AM
Acquisition adds
industry-leading, hyperspectral imaging solutions
CORNING, N.Y., January 22,
2015 - Corning Incorporated (NYSE: GLW) announced today
that it has acquired assets of NovaSol, a leading provider of
advanced hyperspectral imaging systems. The terms of the agreement
are not being disclosed.
Founded in 1998, NovaSol specializes in the
research and development of next-generation active and passive
optical systems, including electro-optical systems and optical
communication systems. The acquisition will be integrated into the
Advanced Optics business unit within Corning's Specialty Materials
division.
"We are excited about the opportunity to expand
Corning's portfolio of hyperspectral imaging solutions," said Curt
Weinstein, vice president and general manager, Corning Advanced
Optics. "NovaSol has a proven history of providing best-in-class
performance in innovative imaging solutions. We look forward to
having NovaSol's talented team working with us to address current
and emerging market opportunities."
NovaSol's technology portfolio, combined with
Corning's expertise in the design, development, and manufacture of
optical imaging systems, can deliver innovative imaging solutions
that are designed to provide high-performance, low-cost solutions.
Additionally, the combined expertise enables Corning to more
efficiently address the needs of emerging industrial markets for
advanced spectral imaging solutions.
"Corning's extensive production capabilities in
optical systems and components and their deep commitment to
research and development are synergistic with NovaSol's core
competencies in imaging systems and optical communications," said
Dr. Rick Holasek, NovaSol's president and CEO.
With a goal toward establishing leadership in
advanced hyperspectral imaging solutions, the acquisition provides
key elements to fulfill that strategy.
Forward-Looking and Cautionary
Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed 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.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contact:
Monica Monin
(607) 974-8769
moninml@corning.com
Investor Relations
Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
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information contained therein.
Source: Corning Incorporated via Globenewswire
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