CORNING, N.Y. (AP) -- Corning Inc., world's largest maker of LCD glass, is buying a majority of Becton, Dickinson and Co.'s Discovery Labware division for about $730 million in order to bolster its life sciences offerings.
Corning's life sciences unit develops, makes and supplies scientific laboratory products. The deal excludes Discovery's advanced bioprocessing platform, medical technology company Becton, Dickinson said.
Shares of Corning gained 10 cents to $13.58 in premarket trading while Becton, Dickinson and Co.'s stock added 56 cents to $77.25.
Corning Chairman, President and CEO Wendell Weeks said in a statement that the acquisition will increase Corning Life Sciences' annual revenue by 40 percent and get it closer to its goal of becoming a $1 billion business by 2014. The transaction also helps the Corning, N.Y., company get closer to reaching its $10 billion revenue target in the next few years.
The Discovery unit is based in Billerica, Mass. It also has operations in North Carolina and the United Kingdom and has extensive dealer networks in Asia, Europe and North America.
Corning said that it will integrate Discovery's plastic consumable labware, liquid-handling products, cell-based assays and cell cultureware and ADME research into the life sciences unit once the deal is complete.
Corning plans to use part of its cash on hand to fund the transaction, which is expected to slightly add to earnings in 2013.
Franklin Lakes, N.J.-based Becton, Dickinson anticipates recording a gain on the sale, but did not give a specific figure.
The buyout is expected to close later this year.