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Corning Incorporated to Acquire Bargoa S.A.



2013-02-27 23:02:27 -


Acquisition to build on Bargoa's strong telecommunications presence in Brazil

CORNING, N.Y. - Corning Incorporated (NYSE: GLW) announced today that it has
signed an agreement with Abengoa (MCE: ABG) to acquire its Brazilian subsidiary,
Bargoa S.A., a leading provider of connectivity solutions for the Brazilian
telecommunications sector. The terms of the agreement are not being disclosed.
Pending regulatory approvals, the acquisition is expected to be completed by the
end of the second quarter in 2013.

With its main activities located in Rio de Janeiro, Brazil, Bargoa provides a
wide range of connectivity solutions in the rapidly growing Brazilian
telecommunications marketplace. Upon closing, Bargoa will be integrated into
Corning's telecommunications business segment.

Corning currently plays an active role in the telecommunications industry in
Brazil, the largest economy in Latin America, and sixth largest economy in the
world. The acquisition will strengthen Corning's telecom activities in the
region - building on Bargoa's strong brand, high-quality manufacturing, and
flexible design capabilities. These competencies complement Corning's innovative
telecommunications portfolio and will enable the company to extend its
leadership as a connectivity solutions company.

"We are very excited about the opportunity to expand Corning's presence in
Brazil," said Clark S. Kinlin, executive vice president, Telecommunications
Business Group. "Bargoa has a proven history of delivering customer-driven
solutions based on excellent manufacturing capabilities. We look forward to
building a bright future in the Brazilian telecom market when Bargoa's talented
team joins us."

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 Incorporated (www.corning.com) is the world leader in specialty glass
and ceramics. Drawing on more than 160 years of materials science and process
engineering knowledge, Corning creates and makes keystone components that enable
high-technology systems for consumer electronics, mobile emissions control,
telecommunications and life sciences. Our products include glass substrates for
LCD televisions, computer monitors and laptops; ceramic substrates and filters
for mobile emission control systems; optical fiber, cable, hardware & equipment
for telecommunications networks; optical biosensors for drug discovery; and
other advanced optics and specialty glass solutions for a number of industries
including semiconductor, aerospace, defense, astronomy, and metrology.

About Abengoa
Abengoa (MCE: ABG) is an international company that applies innovative
technology solutions for sustainable development in the energy and environment
sectors, generating electricity from the sun, producing biofuels, desalinating
sea water and recycling industrial waste. (www.abengoa.com)

About Bargoa S.A.
Bargoa is a company dedicated to the manufacturing of thermo injected products,
situated in Rio de Janeiro, Brazil. Since its founding in 1975, Bargoa has grown
year after year, thanks to a permanent effort in search of more quality, as much
as in relation to our products as in the training of our employees and the
update of the machines and working processes. Our company currently makes use of
all the means necessary to develop a great variety of injected products and also
integrated with elements of metallic or electronic connection.
(www.bargoa.com.br)
Media Relations Contact:
Daniel F. Collins
(607) 974-4197
collinsdf@corning.com

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

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Source: Corning Incorporated via Thomson Reuters ONE
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