Corning Incorporated (GLW) Acquires iBwave For an Undisclosed Price
Corning Incorporated (NYSE:GLW) has confirmed the acquisition of wireless solution provider iBwave for an undisclosed amount. Terms of the deal involve Montreal-based iBwave continuing to operate under its current name and as a whole subsidiary of Corning Incorporated.
IBwave Business Model
IBwave is to continue serving its customers, from its Canadian headquarters, under the same leadership, while reporting to Corning Incorporated (NYSE:GLW)’s Optical Communications business segment. Based in Montreal, iBwave specializes in developing software for in-building wireless solutions for various system integrators. The company affirms that its software and professional services are normally used by more than 600 global telecom operators, equipment manufacturers, and system integrators in over 80 countries worldwide.
The acquisition comes on the heels of Corning Incorporated (NYSE:GLW) setting revenue records in 2014, which have accorded it enough financial capacity to pursue further growth opportunities. The company’s sales for 2014 soared by 29%, to a high of $10 billion. Display and technologies operations continue to show signs of growth.
Moderate price declines, as well as a strengthened position in the high-performance display market for computers, also continues to benefit the company a great deal. Other segments delivering strong sales and earnings growth include Corning Incorporated (NYSE:GLW)’s Precision Materials Co. and environmental technologies segments.
Innovation remains key to Corning Incorporated (NYSE:GLW)’s growth, the company having spent 8% of its sales last year on research and development, geared towards targeting a strong competitive advantage in the industry. The Corning CEO and President affirms that they invest nearly twice what the competition invests in research and development, investments that have continued to provide attractive returns by supporting profitability.
Corning Incorporated (NYSE:GLW) expects to sustain growth achieved last year in all business areas by essentially leveraging the innovation engine and sustaining sales growth. Strong elements of growth should come from Gorilla Glass 4 currently being used in touch screens and smartphones. Flora Ceramics being used to reduce vehicle emissions, and optical fiber prices and material innovations, which should also register substantial growth.
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