Corning to sell Steuben Glass Division to Schottenstein Stores affiliate

Corning to sell Steuben Glass Division to Schottenstein Stores affiliate for undisclosed terms

Corning Inc., a Corning, New York-based specialty glass and ceramics products manufacturer, said it reached an agreement to sell its Steuben Glass Division to Steuben Glass LLC, a newly formed affiliate of Schottenstein Stores Corporation or SSC, a multi-billion dollar private equity company focused on retail and luxury holdings.

Corning will maintain a 19.9% equity ownership stake in Steuben Glass LLC. The sale price and other terms were not disclosed. The transaction is expected to be finalized in the third quarter.

Steuben Glass LLC will continue the Steuben operations in Corning. It will continue to have retail sales in the New York City flagship store located at 667 Madison Avenue.

Steuben will join the Schottenstein Luxury Group or SLG portfolio that includes the iconic American brand, Judith Leiber and the Italian fashion brand, Shirò. SLG is focused on developing prestigious brands having opportunities for growth.

According to Marie McKee, president of the Steuben Glass Division, "While it was an extremely difficult decision to sell Steuben, we are tremendously pleased that Jay Schottenstein is committed to continuing the Steuben brand´s tradition and history. We look forward to our partnership."

Lincoln International LLC served as financial advisor and Nixon Peabody served as legal advisor to Corning. Financo, Inc. served as financial advisor and Wachtell, Lipton, Rosen & Katz served as legal advisor to SSC.

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