Corning Inc. ( GLW - Analyst Report ) recently completed its acquisition of the majority portion of the Discovery Labware unit from Becton, Dickinson & Co. ( BDX - Analyst Report ) . The company spent $720 million in cash for the acquisition. The deal was announced in the month of April.

The Discovery Labware unit has operations in Massachusetts and North Carolina in the United States, and in the United Kingdom, as well as extensive dealer networks in Asia, Europe and North America.

Corning will now integrate four of the Discovery Labware unit's main product platforms into Corning's Life Sciences segment. These product platforms include plastic consumable labware, liquid-handling products, cell-based assays and cell cultureware, as well as ADME research.

The company said that the acquisition will enhance Corning’s broad portfolio of life sciences products and expand its annual revenues by 40%. In the third quarter, Corning’s Life Sciences business accounted for around 8% of revenue, which was down 4.3% sequentially but up 1.3% from a year ago.

The deal will help Corning to expand its global market share and benefit from Discovery Labware unit's extensive product portfolio and established dealer network. In December last year, Corning acquired Mediatech, which was also integrated into Corning's Life Sciences segment to augment its sales.

Corning’s innovations, technologies and acquisitions help it to deliver improved results and maintain its position in an increasingly competitive market. In the last-reported third quarter of 2012, the company’s earnings beat the Zacks Consensus Estimate by 2 cents or 7.1%. Revenues in the quarter were $2.04 billion, up 6.8% sequentially and down 1.8% year over year.

Corningdoes not expect the acquisition to have any impact on its 2012 financials, but believes that the transaction will be slightly accretive in 2013. Additionally, the company stated that the acquisition will aid in achieving its $10 billion revenue target in the next few years.

However, Corning faces significant competition due to market saturation, pricing pressure and product launches. For its hardware and equipment products, the company faces stiff competition from the likes of 3M Company ( MMM - Analyst Report ) , Tyco Electronics, Ltd. ( TEL - Snapshot Report ) , Furukawa OFS, CommScope and ADC Communications.

Corning shares currently carry a Zacks #3 Rank, which translates into a Hold rating for the short term (1–3 months).