Corning makes deal with Mexican firm

August 07, 1991

In an indication of the quickening pace of economic integration between the United States and Mexico, Corning Inc. and Vitro S.A., Mexico's giant glass manufacturer, agreed yesterday to market their housewares together around the world.

Pending final negotiations and approval by the directors and the governments, the partnership would create jointly owned companies in each country with combined sales of more than $800 million. The deal was valued at nearly $300 million, including a payment by Vitro to Corning of more than $130 million.

The joint venture follows a familiar pattern at Corning, which has moved into such areas as optical fibers and television glass through deals with foreign conglomerates.

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