Corning Inc., New York-based specialty glass and ceramics products manufacturer, said it reached an agreement to sell its Steuben Glass Division to Steuben Glass LLC, a newly formed affiliate of Schottenstein Stores Corporation or SSC, a multi-billion dollar private equity company focused on retail and luxury holdings. Corning will maintain a 19.9% equity ownership stake in Steuben Glass LLC. The sale price and other terms were not disclosed. The transaction is expected to be finalized in the third quarter. Steuben Glass LLC will continue the Steuben operations in Corning. It will continue to have retail sales in the New York City flagship store located at 667 Madison Avenue. pleased that Jay Schottenstein is committed to continuing the Steuben brand's tradition and history. We look forward to our partnership."
