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Corning Concludes Sale of Steuben

Post Time:Aug 04,2008Classify:Company NewsView:308

Union Provides Strong Endorsement of New Labor Agreement

CORNING, N.Y., Aug. 4 /Xinhua-PRNewswire/ -- Corning Incorporated (NYSE: GLW) announced on August 1, 2008 that it has completed the sale of its Steuben(R) Glass Division to Steuben Glass LLC, a newly formed affiliate of Schottenstein Stores Corporation (SSC). Terms of the sale are not being disclosed.

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Concluding a transaction that was announced on July 23, 2008, Corning divested the assets of its Steuben Glass Division in order to better position the business for future growth. Schottenstein Stores Corporation is a multi-billion dollar private equity company focused on retail and luxury holdings. Corning will maintain a 19.9% ownership in the new Steuben Glass LLC.

A new labor agreement between Steuben Glass LLC and United Steelworkers Union, Local 1000 has been reached, having received overwhelming support from the membership.

"The combined focus on quality manufacturing and strong retail expertise, resulting from bringing Corning and SSC together to complete this agreement should enable Steuben to flourish," noted James B. Flaws, vice chairman and chief financial officer, Corning Incorporated.

About Corning Incorporated

Corning Incorporated (

About Schottenstein Stores Corporation

Schottenstein Stores Corporation (SSC) is a privately held family of businesses affiliated with: American Eagle Outfitters (NYSE); Martin and Osa; aerie; Retail Ventures Inc. (NYSE) which is the parent of DSW, also a NYSE listed company and Filene's Basement; American Signature Inc/Value City Furniture, Adrienne Vittadini, Judith Leiber and Shiro.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements that involve a variety of business risks and other uncertainties that could cause actual results to differ materially. These risks and uncertainties include the possibility of changes in global economic and political conditions; currency fluctuations; product demand and industry capacity; competition; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; changes in the mix of sales between premium and non-premium products; new plant start-up costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political instability 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; stock price fluctuations; and adverse litigation or regulatory developments. Additional risk factors are identified 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.

Source: Xinhua PR NewswireAuthor: admin

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