Re: Corning, I did some digging over the week-end. Clearly GLW is building their f.o. capabilities and there's enough evidence of compatibility with SDLI that I'd leave them on my list of possible partners:
Corning buys optical polymer group from HWP:
CORNING, N.Y., Dec. 20, 1999 -- Corning Incorporated announced today that it acquired the Optical Polymer Group of Honeywell (which merged with Allied Signal on Dec 1, 1999). This group, when operated under the auspices of Allied Signal, Inc., developed the lowest loss materials for polymer-based optical components. The acquisition will expand Corning's technology base in optical components and will help to secure the company's position as a leader in the development of optical communications products for telecommunications applications. Terms of the transaction were not disclosed.
Included in the acquisition is all of Honeywell's equipment for making polymeric optical waveguide devices and the related intellectual property. Additionally, Honeywell's (previously Allied Signal's) scientific staff, who developed these materials and devices, will also join Corning.
Polymer-based optical components can address a wide range of needs for wavelength management in dynamic optical transmission systems; including optical switching, wavelength multiplexing and demultiplexing, tunable filtering, splitting, and channel equalization. The proprietary polymeric materials, which are part of this transaction, are the lowest loss polymer materials for making such optical components. They are also well-suited for low cost, high volume manufacturing processes, and contribute to finished products that are smaller and more energy efficient than those based on other component technologies.
According to Mark Newhouse, business manager, Corning Optical Networking Devices, "Corning is committed to being a market leader in optical networking and will actively pursue all relevant technologies, including optical polymers. By increasing our capabilities in optical polymers we will be able to pursue new designs and applications. Ultimately, our objective is to deliver a new range of telecommunications products to our customers"
Honeywell is a US $24 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; power generation systems; specialty chemicals; fibers; plastics; and electronics and advanced materials. The company employs approximately 120,000 people in 95 countries. Honeywell is traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific stock exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. Additional information on the company is available on the Internet at www.honeywell.com.
Corning acquires Oak Industries:
CORNING AND OAK INDUSTRIES TO MERGE IN STOCK TRANSACTION
Merger extends Corning's leadership position in optical communications technologies
CORNING, N.Y., Nov. 14, 1999 -- Corning Incorporated (NYSE:GLW) and Oak Industries Inc. (NYSE:OAK) today announced that they have signed a definitive agreement for the companies to merge in a transaction that will strengthen Corning's position as a global leader in optical communications.
Under the terms of the agreement, which have been unanimously approved by the Boards of Directors of both companies, Corning will exchange .83 shares of Corning common stock for each share of Oak common stock. Based on the closing price for Corning on the New York Stock Exchange on Friday, November 12, 1999, this represents a premium of 51% over the $49.75 closing price for Oak Industries. On that same basis the transaction is valued at approximately $1.8 billion.
The transaction will be accounted for as a pooling of interests and will be tax free to Oak Industries shareholders. The transaction is expected to close in the first quarter of 2000, pending regulatory and Oak Industries shareholder approval. Corning expects the transaction to be accretive to its earnings per share beginning in 2000.
The addition of Oak Industries will extend Corning's leading opto-electronic product portfolio into important new market segments. Specifically, Oak Industries' Lasertron, Inc., subsidiary, a pioneer in the development of active fiber-optic devices for telecommunications, will enhance Corning's photonic technology product offering and development activities. Lasertron is a market leader in pump lasers, which are the key active component in optical amplifiers, and is also one of the few companies with both internal laser chip making capability and packaging expertise. Lasertron also manufactures transmission lasers and receivers that are targeted at the rapidly growing metropolitan transmission market.
The products of Oak Industries' Gilbert Engineering Co. subsidiary, a leading manufacturer of coaxial connectors for broadband communications networks, will complement Corning's existing capabilities in optical connectors, optical cable, hardware and related equipment.
The Oak Frequency Control Group designs and manufactures frequency control devices that are used as a timing reference in wireless, wireline and fiber-optic applications. Oak's Controls Group consists of Harper-Wyman and OakGrigsby, Inc. Harper-Wyman is a leading manufacturer of controls systems for the gas range and gas grill industries. OakGrigsby manufactures switches and encoders used in a wide variety of applications.
Commenting on today's announcement, Corning's Chairman and Chief Executive Officer, Roger G. Ackerman stated, "The addition of Oak Industries demonstrates the strength of our commitment to being the world's leading supplier to system houses in all areas of optical communications, including amplifiers, optical components, modules, fiber, cable and hardware. Merging Oak Industries' laser and detectors technology with Corning's broad research and development capabilities, will further strengthen our leadership in the photonics industry.
"Our customers will now have a single source for components and modules for optical communications, as well as access to a broad array of related products, including optical fiber, cable and hardware - a combination that only Corning can offer," Ackerman concluded.
William S. Antle III, chairman, chief executive officer and president of Oak Industries said, "We are delighted with the prospect of merging with Corning. We believe that Oak's employees, shareholders and customers will all benefit from the combination of the two companies. Corning's strong technology base will allow the merged businesses to move even more quickly to develop new products and expand capacity for our telecommunications customers, especially in the optical area. Our employees can look forward to continuing to grow their businesses to meet the strong demand for their products."
The integration of optical components such as lasers and receivers into optical modules is integral in providing communications network operators with greater performance in their increasingly complex systems. The addition of Oak Industries will enable Corning to augment its entire photonics product line to provide new levels of functionality and customer value. Corning also expects to achieve additional benefits through improved efficiency in customer sales and support, and new product design and development.
Oak Industries is a leading manufacturer of highly engineered components that it designs and sells to manufacturers and service providers in the communication and selected other industries. Headquartered in Waltham, Massachusetts, Oak Industries has approximately 3,900 employees worldwide. For the nine months ending September 30, 1999, Oak Industries had revenues of $323.2 million, operating income of $47.2 million and net income of $23.8 million. Information regarding Oak Industries is available at www.oakind.com.
SDLI licenses from Corning:
Corning Incorporated Grants Licenses to Furukawa and SDL, Inc. for Pump Laser Packaging Patents
Corning, N.Y., April 16, 1999 -- Corning Incorporated (NYSE:GLW) today announced that it has granted licenses to its Semiconductor Packaging Patents to The Furukawa Electric Company, Ltd. of Tokyo, Japan, and SDL, Inc. of San Jose, Calif. Corning's U.S. Patents 5,392,305 and 5,513,198 relate to the high-reliability packaging of semiconductor pump lasers, a crucial component in optical amplifiers.
During Corning's initial development of Erbium Doped Fiber Amplifiers (EDFAs) it invented a fundamental approach to greatly improving 980 nm (nanometer) pump reliability. This approach, which is covered in the patents being licensed, significantly changed the industry's thinking concerning the packaging environment for 980 nm pumps. Subsequently, Corning's inventions led to the deployment of the first reliable commercial 980 nm pumped EDFAs.
In commenting on the licensing agreement, Dr. Gerald Fine, vice president and general manager of Corning Photonic Technologies, a division of Corning Incorporated stated, "As the world's leading supplier of EDFAs, it is important that we have reliable 980 nm pumps. Corning's patented packaging technology has made it possible to manufacture lasers that can perform to the specifications we require. As a result, our amplifiers will be able to operate at high power levels for extended periods of time. Higher output power will, in turn, allow our customers to reliably provide more optical channels in their networks."
Corning sells its optical subassemblies division to Newport:
Irvine, California - October 21, 1999 -- Newport Corporation (Nasdaq:NEWP) today announced that it has acquired the commercial optics operation of Corning OCA, Inc., a subsidiary of Corning Incorporated. The transaction will be paid for with cash and is expected to be accretive to earnings immediately.
The commercial operation of Corning OCA, based in Garden Grove, California, manufactures specialized precision optical products and systems, and will have 1999 pro forma sales of approximately $10 million. The company holds a leadership position in opto-mechanical sub-assemblies, as well as thin film technology and coatings, and is recognized for its state-of-the-art capabilities in the manufacture of high performance precision optics.
"These operations, which are synergistic with our existing optics business, bring important capabilities to Newport that have application across a variety of industries, especially our targeted growth markets, and will take us to a new level of capability in the design and manufacturing of high performance optical elements and systems," said Robert G. Deuster, Newport's president and chief executive officer. "This acquisition is in line with our overall strategy to provide value added opto-mechanical sub-assemblies to our customers and strengthens our position as a supplier of complete solutions. We are pleased to add the talents of this fine organization to the Newport team."
The business unit will remain in its Garden Grove facility, and all existing Newport optics operations will be consolidated into that single location.
Newport Corporation is a global leader in the design, manufacture and marketing of high-precision components, instruments and integrated systems to the fiber optic communications, semiconductor equipment, computer peripherals and scientific research markets. The company's innovative products are designed to enhance productivity and capabilities of test and measurement and automated assembly for precision manufacturing, engineering and research applications. Customers include Fortune 500 corporations, technology companies and research laboratories in commercial, academic and government sectors worldwide.
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Corning's most recent SEC filing: a secondary for 13M shares:
sec.gov
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RECENT DEVELOPMENTS THE SIEMENS ACQUISITION. On December 8, 1999, we announced the agreement to acquire the worldwide optical cable and hardware businesses of Siemens AG. The acquisition will include the remaining 50% of our two existing co-investments with Siemens: Siecor Corporation and Siecor GmbH. The purchase price will be$1.13 billion in cash, plus our assumption of approximately $120 million of debt and $145 million of contingent performance payments payable, if earned, over afour-year period. Siecor Corporation has historically been accounted for as a consolidatedsubsidiary and its results have been recorded within our TelecommunicationsSegment. Siecor Corporation, which is headquartered in Hickory, North Carolina,manufactures and distributes fiber-optic cable and network hardware. Siecor GmbHhas historically been accounted for as an equity affiliate shown as aninvestment on our balance sheet and its results have also been accounted forwithin our Telecommunications Segment. Siecor GmbH, which is headquartered inNeustadt, Germany, manufactures and distributes optical fiber. We expect that the acquisition will close in early 2000. Consummation of theacquisition is subject to a number of customary conditions, including thereceipt of appropriate antitrust clearance in Europe.
THE OAK INDUSTRIES MERGER. On November 13, 1999, we agreed to acquire Oak Industries Inc. through the merger of one of our wholly-owned subsidiaries into Oak Industries. Each issued and outstanding share of common stock of Oak Industries will be converted into the right to receive .83 shares of our common stock. As a result of this merger, Oak Industries will become our wholly-owned
subsidiary.
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I'm probably way out in left field.
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