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CORNING, N.Y. -- Corning Incorporated has announced a $730 million acquisition.

The company said Tuesday that they have reached an agreement with Becton, Dickson and Company to acquire most of their Discovery Labware Unit.

The deal should net the company about 40 percent more revenue from their Life Sciences division, which currently makes about $235 million.

With this acquisition, Corning Inc. hopes to grow the segment to a billion dollar business by 2014.

Corning Life Sciences concentrates on developing products and instruments for pharmaceutical research labs.