Nichols Institute Buyer Posts Profit
Despite spending $325 million to acquire Nichols Institute, the San Juan Capistrano-based medical testing company with facilities in 11 states, Corning Inc. posted a third-quarter profit as its sales rose 20%.
Corning, based in Corning, N.Y., earned $76.9 million, or 36 cents a share, in the three months ending Oct. 9. That compares with a loss of $33.9 million, or 18 cents a share, in the same period a year ago. Revenue increased to $1.45 billion from $1.21 billion.
Nichols Institute has about 3,500 employees, including nearly 1,000 at its San Juan Capistrano headquarters. All employees are expected to be retained under the acquisition.
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