Corning and Oak Industries will merge

17 Jun 2002

Corning and Oak Industries have agreed to merge in a transaction valued at approximately USD 1.8 billion. Corning will exchange 0.83 shares of Corning common stock for each share of Oak common stock and the merger is expected to be completed in the first quarter of 2000.

Corning makes optical fibre, displays and optical components for telecommunications, television and other related industries. The company also manufactures products for scientific, semiconductor and environmental markets.

Oak Industries makes highly engineered components for manufacturers and service providers in the communications and other industries. The company's headquarters are in Massachusetts, US, and it has approximately 3900 employees worldwide.

Corning says that the addition of Oak Industries will help the combined company to offer a complete range of optical components for telecommunications and other applications.

SH