MAPLEWOOD (AP) -- 3M Co. said Tuesday that it has agreed to acquire Corning Precision Lens Inc., a wholly owned subsidiary of Corning Inc., for $850 million in cash.
However, 3M said the acquisition qualifies for a joint tax benefit -- allowing goodwill to be fully deductible over a period of 15 years -- effectively reducing the purchase price to about $680 million.
Corning Precision Lens is the largest worldwide manufacturer of lens systems for rear projection televisions.
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