Most popular Corning reaches Steuben sale agreemen

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Corning has reached a Steuben sale agreement

Corning, New York, July 25, 2008/Xinhua Meitong/-- Corning Corporation (NYSE Code: GLW) announced on July 23 that the company has reached an agreement, and Steuben (R) glass business department will sell it to Steuben glass LLC, a newly established subsidiary of schottenstein Stores Corporation. SSC is a private equity investment company with billions of dollars of assets, focusing on the retail and luxury industry. The deal is expected to close in the third quarter

steuben glass company will continue the business operation of Steuben in Corning and the retail sales of its flagship store in New York, which is located at 667 Madison Avenue. At present, there are many smog weather signs in major cities. Corning incorporated will continue to hold Steuben glass19. 9% of the shares. The sale price also needs to stop the fully effective inspection and other terms have not been disclosed

James B, vice chairman of the board of directors and chief financial officer of Corning incorporated. Flames has four branches in Yucheng and said, "we are very excited for all Steuben employees, customers and residents of Corning, New York." "SSc is one of the top private retail organizations in the United States. They not only understand and appreciate the value of Steuben and its high-quality products, but also are very keen to add Steuben to their family of luxury brands." He said. "Their commitment to continue to maintain Steuben's business in Corning reflects the professionalism and dedication of all Steuben employees," flares added

steuben will join the brand portfolio of schottenstein luxury group (SLG). This brand portfolio includes a series of American iconic brands, such as Judith Leiber, and Italian fashion brand Shiro. SLG is focusing on developing reputable brands that reflect growth opportunities in the global market. Steuben brand will become a perfect member of SLG brand portfolio with its unique message, rich tradition and unique status

jay L, chairman and CEO of SSc. Schottenstein said, "Steuben glass is a national treasure. I am very excited and happy to ensure that Steuben, a synonym for high quality, becomes a member of schottenstein's world-class luxury brand portfolio." He also said that SSc is ready to devote its strong expertise and resources in retail management to give full play to Steuben's potential. "We are fully prepared to develop and expand our business. We believe that there is great potential to extend the Steuben brand in the world's major markets."

marie McKee, President of Steuben glass business department, said: "selling Steuben is an extremely difficult decision. Jay schottenstein's commitment to continue relying on the tradition and history of the brand makes us extremely happy. We look forward to our partnership."

lincoln International LLC and Nixon Peabody acted as the financial adviser and legal adviser of Corning respectively. Financio investment bank (financio, Inc.) Wachtell, Lipton and Rosen Katz acted as financial adviser and legal adviser for SSC respectively

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