Corning Incorporated (NYSE:GLW) announced today that it has completed the previously announced acquisition of the majority of the Discovery Labware business from BD (Becton, Dickinson and Company) (NYSE:BDX) for approximately $720 million in cash.
The acquisition of the BD Discovery Labware business will expand Corning Life Sciences’ market presence in the multi-billion dollar global laboratory consumables market, especially in important Asian markets such as India, Korea, and Japan. Corning’s broad portfolio of laboratory products and services will be significantly enhanced by the addition of the Discovery Labware business’s four main product platforms: plastic consumable labware (liquid handling and cell culture products); biologically coated plastic consumable labware; cell culture reagents; and ADME research.
“We are eager to move forward with this very exciting opportunity to expand Corning’s leadership in the growing laboratory consumables industry,” said Dr. Richard M. Eglen, vice president and general manager, Corning Life Sciences. “Discovery Labware’s talented team of professionals has a proven history of delivering customer-driven solutions. We will build a bright future together through our outstanding combination of technologies, service, and global market access.”
“We are executing our plan to supplement Corning’s organic growth with strategic acquisitions that extend our capabilities and market reach,” said Wendell P. Weeks, chairman and chief executive officer. “We are excited about the comprehensive product portfolio and established dealer networks that Discovery Labware adds to our Life Sciences business. With this acquisition, we are not only enhancing our ability to serve customers, we are honoring our commitment to build a bigger, more balanced company.”The BD Discovery Labware business has operations in Massachusetts, North Carolina, and the United Kingdom, and extensive dealer networks in Asia, Europe, and North America. Corning Life Sciences and Discovery Labware customers can expect to receive the same excellent service they depend on as Corning works through a business integration plan.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV