Steuben Glass Sold
In March I mentioned that Corning was planning to put its Steuben Glass division up for sale. Now it looks like the deal is done. USA Today reports that the luxury crystal company has been bought by a private equity company. Corning will continue to maintain a 19.9% equity stake and the company intends to continue operations in upstate New York. Steuben will be part of the Schottenstein Luxury Group portfolio. The Ohio-based Schottenstein Stores has stakes in American Eagle Outfitters, Retail Ventures, which is the parent of DSW, and other stores.
Steuben has lost $30 million over the last five years and in March Corning had said the would consider shutting the factory if they couldn't find a buyer. The employees at the Steuben factory will get the same salary and benefits under the new ownership. Steuben Glass is currently the only luxury lead crystal still handcrafted in the United States.