Corning Completes Acquisition of Gerresheimer’s Pharmaceutical Glass Tubing Business; Companies Form Equity Venture to Accelerate Corning Innovations

Corning Incorporated (NYSE: GLW) announced today that it has completed the previously announcedacquisition of Gerresheimer AG’s pharmaceutical glass tubing business and formed an equity venture with Gerresheimer to accelerate Corning innovations in the pharmaceutical packaging market.   

With operations in Vineland, New Jersey and Pisa, Italy, the acquisition positions Corning as a leading worldwide supplier of glass pharmaceutical tubing. Corning and Gerresheimer have also entered into a 10-year supply agreement for borosilicate tubing. Concurrent with the acquisition, the equity venture will commence operations.

“We are pleased to complete these transactions, which create a strong, long-term relationship with Gerresheimer, an established market leader,” said Eric S. Musser, executive vice president, Corning Technologies & International. “We anticipate a number of synergies with our global glass operations and existing Life Sciences business.”

“We think this is a tremendous opportunity to expand in a growing market with evolving needs for glass,” remarked Wendell P. Weeks, chairman, chief executive officer and president. “We are applying our unparalleled glass science capability and precision-forming platform to solve difficult challenges related to pharmaceutical glass, and to create value for our long-time pharmaceutical and biotech customers. Leveraging multiple capabilities where we are already a leader characterizes the strategic and capital allocation framework that we recently shared with investors.”

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.

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About Corning Incorporated
Corning (www.corning.com) is one of the world’s leading innovators in materials science. For more than 160 years, Corning has applied its unparalleled expertise in specialty glass, ceramics, and optical physics to develop products that have created new industries and transformed people’s lives. Corning succeeds through sustained investment in R&D, a unique combination of material and process innovation, and close collaboration with customers to solve tough technology challenges. Corning’s businesses and markets are constantly evolving. Today, Corning’s products enable diverse industries such as consumer electronics, telecommunications, transportation, and life sciences. They include damage-resistant cover glass for smartphones and tablets; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for high-speed communications networks; trusted products that accelerate drug discovery and manufacturing; and emissions-control products for cars, trucks, and off-road vehicles.