Nov 13 2002
3M have announced that they have entered into a definitive agreement to purchase Corning Presision Lenses for $850 million. Corning Precision Lenses are a wholly owned subsidiary of Coring Incorporated.
Corning Precision Lenses is the largest manufacturer of lens systems for rear projection televisions in the world.
The acquisition of this business is consistent with 3M’s strategy of accessing rapidly expanding markets by acquiring companies with strong market positions and technologies that they can leverage on so that they can stimulate faster growth.
The acquisition fits nicely with 3M Optical Systems which covers the full spectrum of display technologies. It will also accelerate their growth in the area of current and next generation consumer televisions.
3M expects strong growth in the area of rear projection televisions with the growing popularity of digital video discs (DVD's) and home theater systems.
The strength of Corning Precision Lenses made then an attractive proposition for 3M. Corning will use the proceeds of the sale to help return the organisation to profitability.
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