BD, the New Jersey company formerly known as Becton, Dickinson, announced Tuesday that it is selling its Discovery Labware unit to Corning for $730 million.
The sale includes the units plant in Durham, which employs 310 people.
The transaction is expected to be completed by the end of the year.
BD invested $25 million in 2007 to expand its Durham facility in the Treyburn Industrial Park by 50,000 square feet. The plant makes equipment used in drug research labs such as plastic pipettes and flasks.
BD forecasts that the Discovery Labware unit will have revenues of $235 million this year. In a release, Corning CEO Wendell Weeks said the acquisition will expand the annual revenues of the New York companys life sciences business unit by 40 percent.
The acquisition provides added momentum for Corning to reach our $10 billion revenue target in the next few years, he said.