Local plant sold

Corning Inc. is selling its frequency control business for an undisclosed sum to Vectron International Inc. The Corning Frequency Control plant at Mt.

Holly Springs should continue its operations as usual, says Corning spokesman Paul Rogoski.

Mt. Holly employees were told of the sale Thursday. Rumors had been circulating at the plant that Corning was shopping for a buyer.

"There shouldn't be any change, at least initially," Rogoski says. "Vectron is an industry leader in the same business that Frequency Control is in."

Rogoski says the Mt. Holly plant "will become part of a company that has a little more synergy with its main business drivers."

But ultimately, what happens there will be up to Vectron.

Rogoski says the decision to sell was based on an ongoing evaluation Corning takes of businesses in its portfolio. Corning decided to concentrate on three primary businesses - glass substrates for flat panel or LCD screens; ceramic substrates used in catalytic converters; and optical fiber and cable relating to communications networks.

600450 Local plant sold glassonweb.com
Date: 12 July 2004
Source: Cumberlink.com

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