In April, US company Corning Inc. sold a 20.6% stake in Italian Calp. The 5.75 million shares were sold through Schroders to a group of 22 Italian and 56 foreign institutional investors. The shares ch…
In April, US company Corning Inc. sold a 20.6% stake in Italian Calp. The 5.75 million shares were sold through Schroders to a group of 22 Italian and 56 foreign institutional investors. The shares changed hands at L 7,900 each for a total of L 45.4 billion. Corning has also reported that its net income, for the first three months of 1996, totalled US$ 71.8 million, or US$ 0.31 per share. This compares with adjusted first quarter 1995 earnings of US$ 82.9 million (US$ 0.36 per share). The trend in first quarter net income was similar to the fourth quarter of 1995. Strong growth in the Opto-electronics businesses and at Corning Pharmaceutical Services was more than offset by lower earnings at Corning Clinical Laboratories. First quarter sales totaled US$ 1.35 billion, an increase of 6% over adjusted 1995 levels and equity earnings declined from adjusted 1995 levels primarily due to scheduled glass furnace repairs at Samsung-Corning Company Ltd.