Corning Inc

Corning Inc., known the world over for its pie plates, glass casserole dishes and ceramic pans, on Wednesday said it is selling its 82-year-old consumer housewares business to a New York investment firm. AEA Investors Inc. beat out more than half a dozen rivals in signing a deal for an 89% stake in Corning Consumer Products Co., maker of Pyrex oven ware, Corelle dishes and Corning Ware pans.

The state Supreme Court agreed to decide whether the parent companies of Dow Corning Corp. can be sued by 1,600 California women who blame breast implants for their illnesses. A state appeals court ruled last September that Dow Chemical and Corning Inc. could not be held responsible for the alleged defects of silicone gel implants. The ruling was a blow to the women, who had hoped to sidestep Dow Corning's bankruptcy by suing the solvent parent companies.

Corning Inc. of New York is negotiating with the federal government to settle charges that its Southern California medical research center improperly billed Medicare and other government-sponsored health plans for laboratory services, a Corning spokeswoman said Thursday. Corning officials declined to elaborate on charges involving its San Juan Capistrano-based center, Nichols Institute. Another Corning unit, however, Damon Clinical Laboratories Inc.

Plaintiffs in the fight over breast implants won a victory Friday when a federal bankruptcy judge refused a request by Dow Corning Corp. to freeze lawsuits against its parent companies. Dow Corning--once the largest maker of silicone breast implants--filed for Chapter 11 bankruptcy protection May 15, freezing all debts and claims against it while it figures out a way to pay them.

A federal judge reinstated Dow Chemical Co. as a defendant in thousands of breast implant lawsuits Tuesday, raising the possibility of new negotiations in a landmark product-liability settlement. Attorneys for the women say the ruling by U.S. District Judge Sam Pointer could force Dow Chemical to the bargaining table. Manufacturers have already agreed to pay more than $4 billion to women who say implants harmed them.

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 on Thursday completed its merger with glass and housewares maker Corning Inc. in a transaction valued at about $325 million. Corning also assumed about $100 million of Nichols' debt. Nichols, based in San Juan Capistrano, will be combined with Corning Life Sciences. The new unit, which will be called Corning Nichols Institute, will include Nichols' diagnostic unit and will focus on esoteric testing.