Jul 24, 2008
Issue 381
Steuben to stay in Corning. Jay Schottenstein & family are art glass collectors.
Read all about it.
http://www.the-leader.com/homepage/x790643113
With the Schottenstein family entering the Steuben picture it has been
suggested we invite Jay Schottenstein, and for that matter, any other
appropriate members of his organization to our Symposium. It may be that one
or more of you know them, have done business with them or whatever. If so, and
if you have contact information you are willing to share we’d love to have it to
not only invite them to attend the Symposium, but to put them on this e-mail
list. If you do, please reply to this e-mail.
Corning Inc. announced Wednesday that an agreement has been reached for its Steuben Glass
Division to be sold to Steuben Glass LLC, a newly formed affiliate of Schottenstein Stores Corp.
The transaction is expected to be completed in the third quarter. The price and terms of the sale were not disclosed.
Steuben Glass LLC will continue the Steuben operations in Corning. Corning Inc. will hold a 19.9 percent equity ownership stake in the new company.
Schottenstein is a multi-billion dollar private equity company focused on retail and luxury holdings. Corning announced in March that it was seeking a buyer for its luxury lead crystal line. Steuben Glass, founded in 1903, has been unprofitable for a decade and lost $30 million over the last five years.
Info. on Schottenstein can be found at:
http://www.answers.com/topic/schottenstein-stores-corp