Summary
This 8-K filing by Corning Inc. /NY (GLW) on March 11, 1999, primarily concerns the company's entry into a definitive agreement to acquire substantially all of the assets of the Fiber Optic Cable business from BICC General, a subsidiary of BICC p.l.c. This strategic move aims to significantly expand Corning's fiber optic cable manufacturing capacity and market presence, particularly in Europe. The acquisition is expected to be accretive to earnings per share in the fiscal year following its completion, signaling a positive development for shareholders. The transaction also includes the acquisition of BICC General's related intellectual property and technology. Corning anticipates that this integration will allow for increased operational efficiencies and a stronger competitive position in the rapidly growing telecommunications infrastructure market. Investors should note that the acquisition is subject to customary closing conditions and regulatory approvals, with the closing expected in the second quarter of 1999.
Key Highlights
- 1Corning Inc. has entered into a definitive agreement to acquire the Fiber Optic Cable business from BICC General.
- 2The acquisition will significantly increase Corning's fiber optic cable manufacturing capacity.
- 3The deal is expected to enhance Corning's market presence, especially in Europe.
- 4Corning will also acquire related intellectual property and technology from BICC General.
- 5The transaction is anticipated to be accretive to earnings per share in the fiscal year following completion.
- 6The closing of the acquisition is expected in the second quarter of 1999, subject to regulatory approvals and closing conditions.