Corning Inc, the world leader in specialty glass and ceramics, yesterday said that it is buying Becton, Dickinson & Co's Discovery Labware unit for about $730 million in order to expand its life sciences portfolio.
The Discovery Labware unit, based in Billerica, Massachusetts focusess on the science and applications associated with cellular analysis and products that help grow living cells and tissue.
Discovery Labware has operations in Massachusetts, North Carolina, and the UK, and extensive dealer networks in Asia, Europe and North America.
Corning said that the Discovery Labware unit's extensive product portfolio and established dealer network will significantly improve its life science's offerings and is a critical part of its long-term growth strategy.
The Discovery Labware unit, which had sales of approximately $235 million, will expand Corning Life Sciences' annual revenues by 40 per cent and catapult the segment toward its goal of being a $1 billion business by 2014, said Corning in a statement.
Based in New York, Corning said that it expects to achieve revenue target of $10 billion in the next few years through a combination of organic growth and strategic acquisitions, and the Discovery Labware unit purchase will give it an added momentum to achieve the target.