September 1, 2004
Vectron International Completes Acquisition Of Corning Frequency Control
Global Leader Solidifies Position in Competitive Precision Frequency Control Industry
Hudson, NH (September 1, 2004) - Vectron International, a subsidiary
of Dover Corporation (NYSE: DOV) announced today that it has acquired
Corning Frequency Control (CFC), a division of Corning Incorporated
(NYSE: GLW). CFC is a leading supplier of quartz crystals, oscillators
and filters to the communications, test and instrumentation, position
location, automotive, and military/aerospace electronic markets.
Vectron International is an industry leader in the design, manufacture
and marketing of crystal and Surface Acoustic Wave (SAW) products.
Vectron will now be able to utilize CFC's complementary expertise in
precision oscillator and crystal design, to offer a more comprehensive
range of frequency control products from a single vendor.
As a result of this transaction, Vectron now becomes a market leader in
the precision frequency generation and control industry, and will be able
to address the challenges of Vectron's expanded customer base. Vectron now
operates 10 development & manufacturing centers throughout North America,
Europe and Asia. Financial details of the acquisition were not disclosed.
"This acquisition is in keeping with Vectron International's
strategy to be a leader in the precision frequency generation and control
industry," said Rick Hajec, President, Vectron International. "We
believe the strengths of this combination offer a great deal of value to
our customers. The expanded product offerings, dynamic corporate culture
and dedication to innovation and customer service of the new Vectron give
us a strong industry position and one of the most comprehensive lines of
custom engineered solutions in the industry. We have a world-class staff
to support these products, as well as global manufacturing and services to
satisfy the needs of our customers throughout the world."
Vectron International (VI) is a world leader in the design, manufacturing
and marketing of Frequency Generation and Frequency Control Products.
Vectron uses the latest technology in both crystal and surface acoustic
wave (SAW) based designs from DC to microwave frequencies. With facilities
in the U.S., Europe, and China, the company manufactures products which
fulfill critical functions in the telecommunications, data communications,
wireless, military, satcom and multimedia markets in both consumer and
industrial applications worldwide.
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