Corning Has Eyes Out for Acquisitions

Corning has about $3 billion in cash and is looking at targets across all of its divisions, said the company's president and chief operating officer, a report says.
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NEW YORK (

TheStreet

) --

Corning

(GLW) - Get Report

has about $3 billion in cash and is looking at targets across all of its divisions, said the company's president and chief operating officer, a report says.

Corning's Peter Volanakis said the company is beginning to reactivate its acquisition activity, following the purchase in September of

Axygen BioScience

, the

Wall Street Journal

reports. Axygen was integrated into the company's life sciences segment, the third-largest business behind Corning's LCD glass unit and its telecommunications fiber optic cable division.

Corning isn't currently in any concrete talks, he said.

Meanwhile, Corning is in discussions with provincial governments in eight regions in China to build a glass manufacturing facility in China, Volanakis said, the

Journal

reports. The company currently has a glass finishing facility in Beijing.

-- Reported by Joseph Woelfel in New York

.

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