CORNING, N.Y., July 24, 2008 -- Specialty glass and ceramics maker Corning Inc. said it will sell its 90-year-old Steuben glass division to a private equity company for an undisclosed amount.
Corning said it will maintain a nearly 20 percent ownership stake in Steuben Glass LLC, a newly formed business of Schottenstein Stores Corp., a private equity company that is focused on retail and luxury brands. The new company will continue Steuben's decorative glass operations in Corning, and maintain its flagship store on Madison Avenue in New York.
“We couldn’t be more thrilled for the employees of Steuben, its customers and the residents of Corning, N.Y.,” said James B. Flaws, Corning vice chairman and chief financial officer. “Schottenstein Stores Corporation is one of the premier private retail institutions in America. Their commitment to continuing operations in Corning is a testament to the professionalism and dedication of the Steuben workforce.”
Jay L. Schottenstein, chairman and CEO of Schottenstein Stores Corp., called Steuben Glass "a national treasure" and said his company is prepared to expand and grow the business in key markets worldwide.
“While it was an extremely difficult decision to sell Steuben, we are tremendously pleased that Jay Schottenstein is committed to continuing the Steuben brand’s tradition and history. We look forward to our partnership,” said Marie McKee, president of the Steuben Glass Div.
According to Corning's Web site, Steuben glass has been made at Corning's upstate New York factory since 1903. When Corning Glass Works officially acquired the company, then known as Steuben Glass Works, in 1918, it became the Steuben Div. of Corning Glass.
In 1932 Corning researchers created a glass with an extremely high refractive quality that allows the entire spectrum of a light wave, including the ultraviolet, to pass through. That material, dubbed 10M, has exceptional clarity and remains the foundation for Steuben glass today.
The transaction is expected to close in the third quarter, Corning said.
For more information, visit: www.corning.com
- A noncrystalline, inorganic mixture of various metallic oxides fused by heating with glassifiers such as silica, or boric or phosphoric oxides. Common window or bottle glass is a mixture of soda, lime and sand, melted and cast, rolled or blown to shape. Most glasses are transparent in the visible spectrum and up to about 2.5 µm in the infrared, but some are opaque such as natural obsidian; these are, nevertheless, useful as mirror blanks. Traces of some elements such as cobalt, copper and...
- Electromagnetic radiation detectable by the eye, ranging in wavelength from about 400 to 750 nm. In photonic applications light can be considered to cover the nonvisible portion of the spectrum which includes the ultraviolet and the infrared.
- The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
- See optical spectrum; visible spectrum.
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