3M Buys Corning Business

3M picks up Corning Precision Lens Inc., eyeing its rear projection TV technology, for $850M in cash

November 12, 2002

1 Min Read

ST. PAUL, Minn. -- 3M announced today that it has entered into a definitive agreement to acquire Corning Precision Lens Inc., a wholly owned subsidiary of Corning Incorporated, for a gross price of $850 million in cash. Corning Precision Lens is the largest worldwide manufacturer of lens systems for rear projection televisions. "Adding Corning Precisions Lens' technology for rear projection televisions to 3M's full spectrum of display technologies enhances our business, and will accelerate our growth in the current and next generation consumer television applications," said Andy Wong, division vice president, 3M Optical Systems Division. "Lens systems for large-screen, rear-projection televisions are a great complement to our strong optical film capabilities, which are well-suited to the emerging consumer LCD television segment." Employing approximately 1,500 people, Corning Precision Lens currently supplies customers globally from its headquarters in Cincinnati, Ohio. Sales for 2002 are expected to be $260 million. On Sept. 18, Corning Precision Lens announced plans to expand its presence in China to take advantage of this emerging market. China is the world's second largest and fastest-growing geographic market for rear projection televisions. The transaction has been approved by the board of directors of both companies and is subject to customary closing conditions and regulatory approvals. The transaction is expected to close by the end of 2002. Upon completion of the transaction, Corning Precision Lens will become a subsidiary of 3M's Optical Systems Division. 3M Company Corning Inc.

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