Corning Acquires Labware Firm
CORNING, N.Y., Sept. 16, 2009 – Specialty glassmaker Corning Inc. announced today that it has acquired labware maker Axygen BioScience Inc. for about $400 million in cash and will integrate the business into its Life Sciences segment.
Axygen, based in Union City, Calif., makes plastic consumable labware (including pipettes, pipette tips and high-throughput screening products), liquid handling products and benchtop laboratory equipment (including centrifuges, pipette controllers and incubators) at its operations in the US, France, Poland and China.
Corning bought the complementary business from American Capital, a private equity firm, saying it will enhance Corning’s life sciences presence in Asia and increase access to customers in that region.
“We believe this highly strategic acquisition offers synergies that will allow us to grow our life sciences business to more than $500 million in revenue by 2011,” said Peter F. Volanakis, Corning’s president and COO.
Axygen founder Hemant Gupta will remain as president and CEO, as will other key personnel, Corning said.
For more information, visit: www.corning.com