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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Corning Inc | NYSE:GLW | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.13 | 0.39% | 33.70 | 33.87 | 33.5102 | 33.68 | 4,490,410 | 01:00:00 |
From May 2019 to May 2024
By Everdeen Mason
Corning Inc. (GLW) agreed to a $1.25 billion accelerated share buyback plan with Citibank to offset dilution caused by its acquisition of Samsung Corning Precision Materials Co. in January.
The buyback is part of the $2 billion repurchase plan that became effective as the deal closed. Year-to-date, the company had repurchased nearly 100 million shares. The buyback program is expected to be completed in the second quarter.
The company's market value is about $26.51 billion, according to FactSet.
Corning said last year that it would take control of a joint venture with Samsung Electronics Co.'s business that makes LCD glass in Korea and receive a $1.9 billion investment in a series of transactions to strengthen collaboration between the two companies.
Corning also recently warned that it expects liquid-crystal display glass prices to fall more sharply in the current quarter than in previous periods. In January, the company reported that its revenue shrank in the fourth quarter on price declines in LCD-TV glass sales.
Write to Everdeen Mason at everdeen.mason@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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