Corning, AEA call off sale: suitors sought again for consumer division.(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, December, 1997 by Eckhouse, Kim
SUITORS SOUGHT AGAIN FOR CONSUMER DIVISION
Corning Inc. and AEA Investors Inc. have agreed not to proceed with the intended $825 million sale of a controlling interest in Corning's consumer housewares business to AEA.
In a prepared release, Corning said AEA was withdrawing from the transaction because of concerns about soft sales in housewares in the current quarter. The statement further alleged that AEA was also concerned about the impact of the Asian currency fluctuation on potential sales. AEA declined to comment.
New potential buyers are being sought for the division. "Corning and its investment advisory group, Goldman, Sachs & Co., are in discussion with a number of other candidates," said Clark Kinlin, vice president of marketing for...
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