Becton, Dickinson and Co. has agreed to sell its Discovery Labware unit, based in Massachusetts, USA for approximately $730 million to Corning, the specialty glass company.

Corning, also based in the USA, said it plans to close the purchase of the unit towards the end of 2012. The unit makes lab equipment such as pipettes, tissue culture plates and bottles.

According to the company, the acquisition is expected to boost annual revenue of its own life sciences unit, which also makes laboratory products, by 40% and would make it a $1 billion business segment by 2014.