Fibre optics maker Corning Inc. said it will take a US$ 35 million charge in the first quarter to write down its investment in Pittsburgh Corning, which filed Chapter 11 bankruptcy.
Pittsburgh Cornin…
Fibre optics maker Corning Inc. said it will take a US$ 35 million charge in the first quarter to write down its investment in Pittsburgh Corning, which filed Chapter 11 bankruptcy. Pittsburgh Corning is an equally owned equity investment of Corning and PPG Industries Inc. PPG earlier said it also would take a US$ 35 million charge to write off its Pittsburgh Corning investment. Corning said it “understands and supports Pittsburgh Corning“s decision to seek the protection of the court so that it may continue to conduct its business and address the resolution of pending asbestos litigation in a rational and organized manner.” Corning said Pittsburgh Corning“s contribution to its overall earnings in recent years has been insignificant. Corning will post first-quarter earnings on April 24. The company is expected to earn 55 cents a share in the first quarter, compared with profits of 36 cents a share a year ago, according to research firm First Call/Thomson Financial.