Corning expects to record revenues of over USD 1 billion in the fourth quarter of 2009 and is reportedly seeking acquisition targets.
In September 2009, Corning paid USD 400 million to purchase labor…
Corning expects to record revenues of over USD 1 billion in the fourth quarter of 2009 and is reportedly seeking acquisition targets. In September 2009, Corning paid USD 400 million to purchase laboratory equipment maker Axygen BioScience from American Capital, and recently opened a factory in Japan to manufacture 60-inch glass panels for televisions. The company has also diversified into telecommunications, speciality materials, and environmental technologies, while display is its biggest division. Display produced sales of USD 670 million out of USD 1.5 billion for the third quarter of 2009, while income amounted to USD 600 million out of USD 643 million in total net income. The company also intends to set up a joint venture for another LCD plant in Sushou, China, where sales of LCD TV“s rose 86% to 9.5 million units during the first half of 2009, compared to 5.1 million units during the same period of 2008. According to CEO Peter Volanakis, global glass supply should remain light in the fourth quarter of 2009 and the first quarter of 2010. Cornings expects to record revenues of USD 1.41 billion for fourth quarter of 2009 and USD 1.36 billion for the first quarter of 2010, while growth in sales is expected to be 30.5% and 37.1% year-over-year, respectively.