Corning sale finalized

April 02, 1998|By AMY WALLAUER

MARTINSBURG, W.Va. - Corning Inc. has finalized the sale of its consumer products company to Borden Inc., company officials announced Wednesday.

Pyrex, Corning Ware, Revere Ware and Visions will still be made by the Corning Consumer Products Co., but that division will be owned by Borden.

Layoffs at the Martinsburg and Greencastle, Pa., plants are not expected to result from the acquisition.

"As a matter of fact, it should be a seamless transition. When you think about it, since the company is now on its own, it needs its capital as much as ever, which would include the existing plant and employees," said Paul A. Rogoski, manager of corporate information at Corning's headquarters in Corning, N.Y.

Corning announced the $603 million transaction agreement in March, three months after a purchase agreement with AEA Investors Inc. fell through.

Corning began looking for a buyer last year so it can focus on its divisions that make optical fiber, cable and other communications products.

The Martinsburg plant, which makes Visions and Corning Ware cookware, has about 375 employees. The distribution center in Greencastle employs about 450 people.

Jim Jacobs, the Martinsburg plant's manufacturing engineer, could not be reached for comment Wednesday.

Rowan Neal, manager of the Greencastle plant, refused to be interviewed over the telephone.

Corning will retain an 8 percent interest in Corning Consumer Products Co., and Peter F. Campanella, president and chief executive officer, will remain president of the company and sit on the board of directors, Rogoski said.

The name Corning Consumer Products will remain the same for now. The name will change within three years, said Nicholas Iammartino, Borden spokesman at the Columbus, Ohio, headquarters.

Borden is best known for its food products - bouillon cubes, pasta sauce, soup mixes and snacks. It also produces adhesives, resins, formaldehyde and other industrial chemicals.

Borden employs about 14,000 people. Corning employs 5,500.

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