Corning to acquire MobileAccess
Press release, staff reporter, DIGITIMES, Taipei [Tuesday 1 February 2011]
CORNING, NY - (BUSINESS WIRE) - Corning Incorporated (NYSE: GLW) announced February 1 that it has signed an agreement to acquire MobileAccess, a leading provider of wireless network solutions. The terms of the agreement are not being disclosed. Pending regulatory approval, the acquisition is expected to be completed by the end of the first quarter in 2011.
With headquarters in Vienna, Va. and a technology center in Tel Aviv, Israel, MobileAccess provides distributed antenna system (DAS) solutions for flexible wireless coverage in the rapidly growing wireless market. Upon closing, MobileAccess will be integrated into Corning Cable Systems, headquartered in Hickory, NC, and part of Corning's telecommunications business segment.
The acquisition will enable Corning to accelerate a key area of focus within the company's telecommunications growth strategy: the DAS wireless segment. With this acquisition, Corning can expand its line of innovative telecommunications solutions beyond its industry-leading Fiber to the Home (FTTH) and Enterprise Optical solutions. MobileAccess provides a strong portfolio of innovative DAS solutions and established wireless technical expertise in radio frequency design, engineering, and software development. These capabilities complement Corning's DAS development efforts and will enable the company to extend its leadership as a connectivity solutions company.
The telecommunications industry - and the wireless network segment in particular - is experiencing significant growth. The explosive increase in smartphones and other bandwidth-hungry wireless devices has triggered tremendous demand for greater wireless network coverage and capacity. Network operators are responding to their wireless customer needs by investing heavily in 3G and 4G wireless infrastructure, with the DAS segment being a key area of deployment. Optical solutions like those Corning provides are rapidly penetrating this space. With this acquisition, Corning will deliver a portfolio of differentiated DAS solutions and extend its leadership in this growing market.
"We are very excited about the opportunity to expand Corning's presence in the rapidly growing DAS wireless segment," said Clark S Kinlin, president and chief executive officer, Corning Cable Systems. "MobileAccess has a proven history of delivering customer-driven innovative solutions with superior customer service. We look forward to building a bright future in wireless networks when the talented team from MobileAccess joins us."
"Working with Corning, a world-leading optical connectivity company, provides MobileAccess with a great opportunity to extend our strong position in the growing wireless market. The closely aligned strategies and values of the two companies should ensure that our customers will continue to receive industry-leading, innovative wireless solutions and superior customer service," said Ron Kaiser, chief executive officer, MobileAccess.