August 4, 2008
Corning Incorporated Subsidiary Signs Agreement to Acquire Optimum Manufacturing Corporation
Corning Incorporated (NYSE:GLW) announced today that, through a subsidiary, it signed an agreement to acquire Optimum Manufacturing Corporation for inclusion in its Specialty Materials segment. Located in Charlestown, N.H., Optimum is a manufacturer of precision-machined components serving the aerospace and defense, scientific, medical and communications industries. Terms of the agreement were not disclosed.
Andrew Filson, business director - advanced optics, Corning Specialty Materials, commented, "Corning is very pleased to strengthen our role in the opto-mechanical value chain through this acquisition. By bringing precision opto-mechanical structures into the Corning portfolio, we not only broaden our optics capabilities but also create greater value for our customers by being able to offer integrated designs and assemblies." He continued, "We are also pleased to have Tim Donovan, president of Optimum Manufacturing Corporation, join our aerospace and defense leadership team. Tim is highly regarded for his knowledge in advanced computer numerical control (CNC) programming, process development and design for manufacturability."
"For the past two decades Corning has worked with Optimum and during this time, we have developed numerous techniques to produce advanced metal optic blanks and optical benches," said John Lucey, business manager - aerospace and defense, Corning Specialty Materials.
"Corning and Optimum share a rich history and I believe the integration of our capabilities will allow us to provide improved optical solutions for our customers," added Tim Donovan.
Corning is a global leader in supplying integrated opto-mechanical solutions designed specifically to meet the needs of the aerospace and defense market. Through its Specialty Materials segment, Corning is recognized for process innovation, materials science, opto-mechanical design, diamond turning, optical grinding and polishing, and thin film coatings.
Optimum focuses on complex, technical projects and exhibits a superior ability to engineer and manufacture precision-machined components with extremely tight tolerances. In addition to high-end, advanced components, Optimum also has extensive engineering and machine programming expertise. Combining capabilities will help to strengthen Corning's position as a premier, full-service optical solutions provider.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 150 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology.
About Optimum Manufacturing Corporation
Optimum is a privately held business headquartered in Charlestown, NH with facilities in Claremont, NH. Established in 1985, Optimum manufactures precision machined components which include optical housings, mirror blanks and satellite components.