Corning completes Tropel buy-out

17 Jun 2002

Corning has bought the entire stock of a precision-optics specialist in a USD 190 million transaction.

A USD 60 million payment and 1.95 million share swap was enough to give Corning full control of the newly named subsidiary Corning Tropel. The business will operate as part of Corning's speciality materials division and John Bruning will remain president and CEO.

Corning anticipates that Corning Tropel's high-performance optical components, subsystems and optical-metrology instruments will complement its current portfolio of microlithography optical materials. The company also wishes to expand its commitment to the semiconductor industry.