CORNING, N.Y. (April 10, 3 p.m. ET) — Corning Inc. has agreed to buy the majority of Becton, Dickinson and Co.'s Discovery Labware unit, which includes its plastic consumable labware line.
The deal, for $730 million in cash, still must win final regulatory approval. The sale is expected to close later this year, Corning said in an April 10 news release.
Corning, based in Corning, N.Y., wants to use the product portfolio and dealer network to help it reach its goal of bringing its Life Sciences unit up to $1 billion in annual sales by 2014. The proposal excludes BD's Advanced Bioprocessing platform.
The plastic labware components within Franklin Lakes N.J.-based BD's Discovery Labware includes tubes, pipettes, petri dishes, tissue culture dishes and flasks. Other operations within the group take in liquid handling products, cell cultureware and research facilities. The businesses have combined sales of $235 million annually.
“Life Sciences is an attractive growth industry and has low capital intensity,” said James Flaws, Corning's vice chairman and chief financial officer. “We expect this acquisition to provide a stable stream of incremental cash flow to Corning as we become a more balanced company.”
BD's Discovery Labware has its headquarters in Billerica, Mass., and has operations in Massachusetts, North Carolina and England.