Aug 2 2008
Corning Incorporated announced today that it has completed the sale of its Steuben® Glass Division to Steuben Glass LLC, a newly formed affiliate of Schottenstein Stores Corporation (SSC). Terms of the sale are not being disclosed.
Concluding a transaction that was announced on July 23, 2008, Corning divested the assets of its Steuben Glass Division in order to better position the business for future growth. Schottenstein Stores Corporation is a multi-billion dollar private equity company focused on retail and luxury holdings. Corning will maintain a 19.9% ownership in the new Steuben Glass LLC.
A new labor agreement between Steuben Glass LLC and United Steelworkers Union, Local 1000 has been reached, having received overwhelming support from the membership.
"The combined focus on quality manufacturing and strong retail expertise, resulting from bringing Corning and SSC together to complete this agreement should enable Steuben to flourish," noted James B. Flaws, vice chairman and chief financial officer, Corning Incorporated.
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Posted August 1st, 2008