Corning has announced a definitive agreement with Samsung Electronics to acquire its fibre optics business. The acquisition is expected to be completed by the end of the first quarter of 2015, subject to customary closing conditions, including receipt of regulatory approvals.
This move highlights a move from Corning to expand within Asian broadband markets as Samsung is a large provider of optical fibre and cable for customers in South Korea, China and Southeast Asia. Corning will integrate Samsung’s fibre optic business, with manufacturing facilities in Gumi, South Korea, as well as in Hainan, China, into the Corning Optical Communications business segment upon closing of the acquisition.
Clark S. Kinlin, executive vice president, Corning Optical Communications said: ‘We are very excited about the growth opportunities in Korea and the emerging economies in Southeast Asia. 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.’