Corning Incorporated announced that it has reached a definitive agreement with Samsung Electronics Co., Ltd. to acquire its fiber optics business.
The terms of the agreement were not released. 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.
Samsung is a trusted provider of optical fiber and cable for customers in South Korea, China and Southeast Asia. When complete, the acquisition will augment Corning’s market access and enhance its broad portfolio of optical communications products in Asia. Corning will integrate Samsung’s fiber 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.
“We are very excited about the growth opportunities in Korea and the emerging economies in Southeast Asia,” said Clark S. Kinlin, executive vice president, Corning Optical Communications. “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.”