Corning Inc. (GLW) recently announced its acquisition of Axygen BioScience from American Capital Ltd. (ACAS) for approximately $400 million in cash. Axygen makes plastic consumable labware, liquid handling products and bench-top laboratory equipment.

"Axygen's product portfolio and established distribution network will significantly strengthen Corning's life sciences platform and are critical components to our long-term growth strategy for this business," said Peter F. Volanakis, Corning's president and chief operating officer. "We believe this highly strategic acquisition offers synergies that will allow us to grow our life sciences business to more than $500 million in revenue by 2011," he added.

Improved Outlook

Corning also recently updated its outlook, announcing that it expects sales volume at its wholly owned business to be down by less than 5% in the third quarter, compared to the quarter-prior. The forecast is an improvement from the previous projection of a decline of 5% to 10% decline.

The company previously stated

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Corning Inc. (GLW) continues to see bullish Zacks Consensus Estimates. Analysts polled by Zacks are forecasting year-over-year earnings growth of 25.5% for 2010.

Company Description

Corning makes specialty glass and ceramics. The company creates components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences.

Corning's products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology.

Solid Quarterly Results

Corning reported second-quarter results in late July. Earnings per share of 39 cents eclipsed the Zacks Consensus Estimate by 30%.

Sales of $1.4 billion topped the previous quarter's total by 41% and came in 18% below the year-prior result.

"The resurgent demand for LCD

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Corning Inc. (GLW) recently reported second-quarter earnings of 39 cents per share, eclipsing the Zacks Consensus Estimate by 30%. Sales of $1.4 billion topped the previous quarter's total by 41% and came in 18% below the year-prior result.

Company Description

Corning makes specialty glass and ceramics. The creates components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences.

Corning's products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy and metrology.

Solid Quarterly Results

Corning, which was the subject of a recent analyst upgrade, reported second-quarter results in late July. Earnings per share of 39 cents eclipsed the Zacks Consensus Estimate by 30%.

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