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Corning Buys Pirelli's Photonics; $3.6 Billion Takes (Almost) All

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CORNING, N.Y. -- Lithium niobate modulator technology and submarine 980-nm pump diodes join Corning Inc.'s family of photonics technologies after its September purchase of Pirelli S.p.A.'s optical technologies business. For $3.6 billion plus a $180 million bonus if Pirelli meets some business milestones, Corning takes over 90 percent of the Milan, Italy, business. Cisco Systems Inc. of San Jose, Calif., owns the remaining 10 percent. Corning executives said the Pirelli business has not yet turned a profit, but they expect to see one in 2001. The business is in the final stage of qualifying a...Read full article

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    Published: November 2000
    industrialNews & Features

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