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Corning (GLW) Stock Climbs on Alliance Fiber Optic Products Purchase

NEW YORK (TheStreet) -- Corning (GLW - Get Report) stock is increasing by 0.73% to $20.81 in early-morning trading on Friday, after the company entered into a merger agreement to acquire Alliance Fiber Optic Products (AFOP).

Corning has made a $350 million offer, or $18.50 per share, for the high-performance passive optical components manufacturer.

After the deal closes, Corning will integrate Alliance Fiber Optic Products into its optical communications business segment.

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