Hazleton Labs to Be Sold to Corning for $115 Million
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CORNING, N.Y. — Corning Glass Works and Hazleton Laboratories Corp. have agreed in principle for Corning to buy Hazleton with Corning stock valued at $115 million, or $30 a share, the companies announced Monday.
Hazleton, based in Herndon, Va., calls itself the world’s largest independent supplier of biological and chemical research services and makes research products for the food, drug, chemical and cosmetics industries. It earned $4.4 million last fiscal year on revenue of $77 million.
Corning said the deal would supplement its laboratory sciences business. Corning also makes specialty glass and ceramics, consumer housewares and optical fibers. It earned $133 million in fiscal 1985 on revenue of $1.7 billion.
Corning already holds a 9% interest in Hazleton, which will continue to operate as an independent subsidiary, the companies said.
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