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MarketScreener Homepage  >  Equities  >  Nyse  >  Corning Incorporated    GLW

CORNING INCORPORATED

(GLW)
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Corning : 2015-04-01 - Corning Incorporated Acquires iBwave Solutions, Inc.

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04/01/2015 | 09:48am EDT
Corning Incorporated Acquires iBwave Solutions, Inc. Acquisition supports wireless growth

CORNING, N.Y., April 01, 2015 - Corning Incorporated (NYSE: GLW) announced today that it has acquired iBwave Solutions, Inc. The terms of the acquisition agreement were not released.

Based in Montreal, Canada, iBwave is an industry leader in design software for in-building wireless solutions for a wide range of customers and system integrators. Its software and professional services are used by more than 600 global leading telecom operators, system integrators, and equipment manufacturers in more than 80 countries worldwide.

iBwave will operate under its current name as a wholly owned subsidiary of Corning, reporting to Corning's Optical Communications business segment. iBwave will continue to serve its customers from its Canadian headquarters under the same leadership.

"iBwave is a world leading resource for inside-building wireless design" said Clark S. Kinlin, executive vice president, Corning Optical Communications. "We are pleased to welcome this experienced team to Corning."

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 Contacts:
Isolde Karro
(828) 901-6406
karroI@corning.com

M. Elizabeth Dann
(607) 974-4989
dannme@corning.com

Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com

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Financials (USD)
Sales 2020 10 385 M - -
Net income 2020 278 M - -
Net Debt 2020 5 614 M - -
P/E ratio 2020 120x
Yield 2020 3,86%
Capitalization 17 342 M 17 342 M -
EV / Sales 2019
EV / Sales 2020 2,21x
Nbr of Employees 49 500
Free-Float 44,1%
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Mean consensus HOLD
Number of Analysts 13
Average target price 24,36 $
Last Close Price 22,79 $
Spread / Highest target 49,2%
Spread / Average Target 6,90%
Spread / Lowest Target -12,2%
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NameTitle
Wendell P. Weeks Chairman & Chief Executive Officer
Eric S. Musser President & Chief Operating Officer
R. Tony Tripeny Chief Financial Officer & Executive Vice President
David L. Morse Chief Technology Officer & Executive VP
Anne Mullins Chief Information Officer & Senior Vice President
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