CORNING, N.Y. -- Corning Inc. here today announced plans to acquire Tropel Corp., a supplier of optical products and metrology instruments, for about $190 million in cash and stock.
When the transaction is completed, Tropel will become a wholly-owned subsidiary of Corning, operating as a unit in the company's semiconductor business within the Specialty Materials Division.
The combination of Corning's materials expertise and Tropel's optical technologies will be leveraged for volume-manufacturing applications, said John Bruning, president and chief executive officer of Tropeol in Fairport, N.Y. Bruning will continue in his position as president and CEO of the business, which will be called Corning Tropel.
Corning said Tropel's portfolio of precision optics, subsystems, and optical metrology instruments will expand its product offerings for wafer, photomask and semiconductor equipment suppliers. Corning currently sells microlithography optical materials.
The transaction is expected to be completed by the end of the first quarter of 2001.