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Corning to Acquire Pirelli's Optical Components and Devices Business

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Corning, New York, Sept. 28 -- Corning Inc. has acquired a 90 percent interest in Pirelli SpA's optical components and devices business for about $3.6 billion in cash. Cisco Systems Inc owns the other 10 percent interest. Based in Milan, Italy, Pirelli manufactures lithium niobate modulators, pump lasers, certain specialty fibers and fiber gratings used in optical networks. Corning will make an initial payment of about $3.4 billion, followed by a payment of $180 million after Pirelli achieves certain business goals. The acquisition of Pirelli's active component technologies...Read full article

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    Published: September 2000
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