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Corning Reaches Agreement to Sell Steuben Glass Division (posted 7/24/08)

July 24, 2008
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Corning Inc. plans to sell its Steuben® Glass Division to Steuben Glass LLC, a newly formed affiliate of Schottenstein Stores Corp.

Corning Inc. has reached an agreement to sell its Steuben® Glass Division to Steuben Glass LLC, a newly formed affiliate of Schottenstein Stores Corp. (SSC). SSC is a multi-billion-dollar private equity company focused on retail and luxury holdings. The transaction is expected to be finalized in the third quarter. Steuben Glass LLC will continue the Steuben operations in Corning, as well as retail sales in the New York City flagship store located at 667 Madison Ave. Corning will maintain a 19.9% equity ownership stake in Steuben Glass LLC. The sale price and other terms are not being disclosed.

“We couldn’t be more thrilled for the employees of Steuben, its customers and the residents of Corning, N.Y.,” said James B. Flaws, vice chairman and chief financial officer. “Schottenstein Stores Corporation is one of the premier private retail institutions in America. Not only do they understand and appreciate the value of the Steuben brand and its quality products, they are enthusiastic about adding Steuben to their family of luxury brands. Their commitment to continuing operations in Corning is a testament to the professionalism and dedication of the Steuben workforce.”

Jay L. Schottenstein, chairman and chief executive officer of SSC, said, “Steuben Glass is a national treasure. I am excited and pleased to be able to ensure that Steuben, synonymous with quality, will become a member of the Schottenstein portfolio of world-class luxury brands. We are fully prepared to grow and expand the business and believe there is tremendous opportunity to extend the Steuben brand in key markets around the world.”

Marie McKee, president of the Steuben Glass Division, said, “While it was an extremely difficult decision to sell Steuben, we are tremendously pleased that Jay Schottenstein is committed to continuing the Steuben brand’s tradition and history. We look forward to our partnership.”

Visit www.corning.com for more information.

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