Corning to Sell Steuben
By Staff -- Gifts and Dec, 7/23/2008 1:58:00 PM
Corning, NY — Glass and ceramics manufacturer Corning Inc. reached an agreement to sell its Steuben Glass Division to Steuben Glass LLC, a newly formed affiliate of Schottenstein Stores Corp. Schottenstein Stores is a multi-billion dollar private equity company which focuses on retail and luxury holdings. Other Schottenstein affiliates include well-known fashion brands American Eagle Outfitters, DSW, Filene's Basement, Adrienne Vittadini and Judith Leiber.
Corning Inc. will maintain a 19.9 percent equity ownership stake in Steuben Glass LLC. The transaction is expected to be finalized in the third quarter. The sale price and other terms were not disclosed.
Steuben Glass LLC plans to continue Steuben operations in Corning, as well as retail sales in the brand’s New York City flagship store. James B. Flaws, vice chairman and chief financial officer, said in a statement, "[Schottenstein’s] commitment to continuing operations in Corning is a testament to the professionalism and dedication of the Steuben workforce."
Jay L. Schottenstein, chairman and CEO of Schottenstein Stores, said his company is prepared to dedicate significant retail management expertise and resources to Steuben. "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," he said.
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