Corning Acquires Minority Stake in Russian Cable Plant
CORNING, N.Y., Aug. 24 -- Corning Incorporated said that its wholly owned subsidiary, Corning International Corporation, has entered into an agreement to acquire slightly more than 25 percent of Transvok, a manufacturer of optical fiber cable in Russia. Corning Cable Systems, headquartered in Hickory, N.C., will manage the equity venture. Corning will fulfill Transvok's optical fiber requirements and will assist the equity company, located near Moscow, in pursuing potential markets in Russia.
"This is another important equity relationship in Russia for Corning Cable Systems," said James R. Cooke, senior vice president, strategic planning and development for Corning Cable Systems. "In the short term, it will allow our company access to major end users who are not currently served, while establishing a strong presence over the long term to help support a growing telecommunications demand in Russia." Corning also is an equity owner in Samara Optical Cable Company in Samara, Russia.
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