Fiber optics business of Samsung acquired by Corning

Corning Incorporated (NYSE: GLW; Corning, NY) has reached agreement with Samsung Electronics to acquire its fiber optics business. Corning will integrate Samsung’s fiber optics business, with its manufacturing facilities in Gumi, South Korea, and Hainan, China, into the Corning Optical Communications business segment.

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Corning Incorporated (NYSE: GLW; Corning, NY) has reached agreement with Samsung Electronics to acquire its fiber optics business, with the sale to be completed by the end of the first quarter of 2015. Specific details were not announced, but the deal continues the long-term cooperation between the two companies. Corning will integrate Samsung’s fiber optics business, with its manufacturing facilities in Gumi, South Korea, and Hainan, China, into the Corning Optical Communications business segment.

“We are very excited about the growth opportunities in Korea and the emerging economies in Southeast Asia,” said Clark Kinlin, executive vice president, Corning Optical Communications. “Once we are joined by Samsung Electronics’ experienced workforce, I look forward to the team building out Corning’s global scale and scope to better meet customer needs for innovative fiber optic solutions.”

In October 2013, Corning and Samsung had announced a strengthening of their strategic collaboration, including a series of agreements with Samsung Display intended to strengthen product and technology collaborations. As part of that announcement, Corning obtained full ownership of Samsung Corning Precision Materials, an unconsolidated equity venture with Samsung Display that manufactures LCD glass in Korea.

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Source: Corning

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