Corning to Sell or Close Steuben Glass

Corning announced that it may sell or close its Steuben Glass luxury crystal unit. According to Corning, the Steuben unit, which was founded in 1903, has been unprofitable for a few years. The unit generates revenues of about US$25 million annually and employs 150. The sale or closure of Steuben would allow Corning to concentrate on its other businesses such as glass for LCDs that comprises roughly 50% of Corning’s sales. In February, Corning forecasted 25-30% Y/Y growth for LCD glass demand in 2008.

Source: Bloomberg

[tags]Corning, LCD Glass, Steuben Glass[/tags]

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