Corning buys NZ Applied Technologies

17 Jun 2002

Corning will acquire the remaining equity in NZ Applied Technologies (NZAT), of Woburn, MA, for up to USD 150 million in Corning common stock. The two companies have had strong links for the past three years and Corning bought a 20% stake in the company in 1999.

NZAT was founded in 1993 and makes photonic components for the optical telecommunications industry. The company's development programs include variable attenuator arrays, tunable optical filters, optical switches, and polarization controllers. Corning believes that NZAT's components will help to meet industry demands for speed, quality and reduced size. The larger company intends to use this expertise to create new products required in photonic networks.