Corning Buys MEMS Maker

Corning Incorporated (NYSE:GLW), a world-leading manufacturer and supplier of optical fiber, optical cable and photonic products, announced today that it has agreed to acquire the 67% of IntelliSense Corporation that it does not already own in exchange for approximately $500 million in Corning stock, a portion of which is contingent upon IntelliSense achieving certain performance milestones. The transaction implies an enterprise value for 100% of IntelliSense of approximately $750 million. Based in Wilmington, Massachusetts, IntelliSense is a leader in MEMS software, design and fabrication.

The acquisition accelerates Corning’s commitment to supply optical switching products for telecommunications applications, which, according to industry analysts, could become a multi-billion dollar market by 2003. The acquisition also gives Corning access to IntelliSense’s innovative MEMS design software, qualified fabrication capabilities and intellectual property. Corning acquired its initial equity ownership position in the company in June 1999.

http://www.corning.com/news/news_update2/index.html