Corning (GLW) Displays Desire to Acquire - WSJ
Corning (NYSE: GLW) is expected to see revenues of over $1 billion in Q409 and may be seeking acquisition targets, a Wall Street Journal article reported today.
In September, Corning purchased laboratory equipment maker Axygen BioScience for $400 million from American Capital.
Corning is one of the world's biggest glass manufacturer, and has had a stranglehold on the LCD market. The company recently opened a factory in Japan that can make panels as large as 60 inches for televisions.
Corning is also diversified into telecommunications, specialty materials, and environmental technologies, although display is the biggest division by far. Display produced sales of $670 million out of $1.5 billion for Q309. Net income, however, amounted to $600 million out of $643 million in total net income.
The company also has plans to set up a joint venture to build another LCD plant in Sushou, China. Sales of LCD TV's rose 86% to 9.5 million units in China for H109, from 5.1 million units a year earlier.
CEO Peter Volanakis says that global glass supply remains light in Q409 going into Q110.
Cornings is expected to produce revenues of $1.41 billion for Q409 and $1.36 billion for Q110, according to the Street consensus. Sales growth for the two quarters is expected to be 30.5% and 37.1% year-over-year, respectively.
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