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Wednesday, 06/01/2016 9:21:17 AM

Wednesday, June 01, 2016 9:21:17 AM

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Corning Inc. (GLW) said it had successfully exchanged shares of silicone company Dow Corning for cash and an interest in a semiconductor company, ending a 73-year joint venture with Dow Chemical Co. ( DOW). Corning shares rose 0.43% to $ 20.98 premarket.

Corning said it swapped its 50% stake in Dow Corning for $4.8 billion and a 40% stake in Hemlock Semiconductor Group, which makes semiconductors for the solar-panel industry. Dow Chemical now fully owns Dow Corning and will also keep a stake in Hemlock.

The deal comes as the solar industry faces challenges from low energy prices, expiring tax credits and pushback from local electric utilities.
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