Corning has reached a definitive agreement with Samsung Electronics to acquire its fiber optics business, which provides optical fiber and cable for customers in South Korea, China and Southeast Asia. The acquisition is expected to be completed by the end of 1Q 2015.
Corning Inc. has reached a definitive agreement with Samsung Electronics Co. Ltd. to acquire its fiber optics business. The acquisition is expected to be completed by the end of the first quarter of 2015.
Samsung provides optical fiber and cable for customers in South Korea, China and Southeast Asia.
When complete, the acquisition will up Corning’s market access and enhance its broad portfolio of optical communications products in Asia.
Corning will integrate Samsung’s fiber optics business, with manufacturing facilities in Gumi, South Korea, as well as in Hainan, China, into the Corning Optical Communications business segment once the sale is complete.
“We are very excited about the growth opportunities in Korea and the emerging economies in Southeast Asia,” Clark S. Kinlin, executive vice president, Corning Optical Communications, said in a statement.
“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.”