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