Corning to Acquire Fiber Optics Business from Samsung
CORNING, N.Y., Dec. 3, 2014 — Looking to expand its presence in Asia, Corning Inc. plans acquire Samsung Electronics Co.’s fiber optics business early next year.
The deal is subject to regulatory approval; the price was not disclosed. Involved in the transaction are Samsung manufacturing facilities in Gumi, South Korea, and Hainan, China.
“We are very excited about the growth opportunities in Korea and the emerging economies in Southeast Asia,” said Clark S. Kinlin, executive vice president of Corning Optical Communications.
In January Corning took full ownership of the joint venture Samsung Corning Precision Materials, which makes glass products used in displays. Corning gave Samsung Display Co. the equivalent of $1.9 billion in shares as consideration, while Samsung Display bought $400 million worth of Corning shares.
For more information, visit www.corning.com.
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