Corning to Acquire Assets of Willow Systems, Inc.
CORNING, N.Y., Jun 26, 2000 (BUSINESS WIRE) -- Corning Incorporated (NYSE: GLW)
today announced that it has reached agreement to acquire the assets of Willow
Systems, Inc. from NextPath Technology, Inc. (OTCBB: NPTK).
Willow Systems is a leading expert in servo electronics for precision optical
instruments. Terms of the agreement were not disclosed.
Commenting on the agreement, David Nuttle, president and CEO of NextPath
Technology, Inc., said, "NextPath is extremely pleased that a company of
Corning's stature has agreed to acquire Willow Systems, Inc. We believe that the
transaction will be in the best interests of NextPath's shareholders. NextPath
plans to refocus and expand efforts related to the balance of its Precision
Technology Group companies: Sagebrush Technologies, Inc., Laser Wireless, Inc.,
and other companies in the NextPath family."
Willow Systems is located in Albuquerque, N.M. It designs and builds prototype
servo systems for gimbals and other optical instruments.
Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge
technologies for the fastest-growing markets of the world's economy. Corning
manufactures optical fiber, cable and photonic products for the
telecommunications industry; and high-performance displays and components for
television and other communications-related industries. The company also uses
advanced materials to manufacture products for scientific, semiconductor and
environmental markets. Corning revenues for 1999 were $4.7 billion. |
