Corning to acquire Plaslab S.A.S.
Posted: 13 August 2010 | European Pharmaceutical Review | No comments yet
Corning Incorporated (NYSE:GLW) announced today that it has reached an agreement with the shareholders of Plaslab S.A.S. to acquire all outstanding shares of the company. Assuming certain closing conditions are met, the acquisition is expected to be completed in the fourth quarter of 2010.
Plaslab is a French simplified joint stock company and the holding company of Plastiques Gosselin S.A.S. Headquartered in Borre, France, Plastiques Gosselin is a leading manufacturer and distributor of high-quality plastic consumable labware in Europe. Plastiques Gosselin would be integrated into Corning’s Life Sciences segment.
By providing customers outside Europe with greater access to Plastiques Gosselin’s product portfolio, this acquisition would support Corning’s ongoing commitment to supply its customers with a comprehensive line of laboratory research tools. Plastiques Gosselin’s wide array of sampling, testing, and analysis products (including Petri dishes, bottles, containers, tubes, bags, and accessories) are complementary to the general labware, cell culture, lab equipment, and HTS/Assay products offered today by Corning. In addition, the acquisition would enable Corning to continue to improve its strategic balance by strengthening its Life Sciences segment.
“One way we create balance is by building a healthy portfolio of businesses in different markets,” said Peter F. Volanakis, Corning’s president and chief operating officer. “This acquisition would be consistent with our strategy to use our strong financial position to identify external growth opportunities that add to our product portfolio,” he added.
“We are very excited to work with Plastiques Gosselin, whose name has become synonymous with ‘leadership’ and ‘quality.’ The addition of the Gosselin products would broaden our customer product offerings,” said Mark A. Beck, senior vice president, Corning Life Sciences.
Jean Gosselin, president and CEO, Plaslab S.A.S. and Plastiques Gosselin, would remain with the business in a similar capacity. Regarding this transaction, Gosselin said, “We are looking forward to working with the Corning organization to ensure that both Corning and Plastiques Gosselin customers continue to receive the highest quality products and solutions for their laboratory and scientific needs.”
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.
