Corning To Sell Housewares Unit

Corning Inc., known the world over for its pie plates, glass casserole dishes and ceramic pans, said Wednesday it is selling its 82-year-old consumer housewares business to a New York investment firm.

AEA Investors Inc. beat out more than half a dozen rivals in signing a deal for an 89 percent stake in Corning Consumer Products Co., maker of Pyrex ovenware, Corelle dishes and Corning Ware pans.

Corning said the sale, expected to be completed late this year, involves a refinancing that will result in cash proceeds to Corning of about $975 million before taxes.

Corning will retain an 11 percent interest.

The company is turning its focus toward fiber optics and other high-technology businesses that are also more highly profitable. Its spun off its laboratory and pharmaceutical services businesses in January.

Corning revealed plans to sell its struggling housewares unit in May.