Corning Incorporated (NYSE: GLW) today announced that it has entered into a definitive agreement with Samsung Electronics Co., Ltd. to acquire its fiber business.
The acquisition is expected to be completed by the end of the first quarter of 2015. Samsung is a trusted fiber and cable supplier to customers in Korea, China and Southeast Asia. Upon completion, the acquisition will increase Corning’s market access and enhance its broad portfolio of optical communications products in Asia. After the completion of the acquisition, Corning will integrate Samsung’s fiber business with the manufacturing plant in Gumi, Korea and Hainan, China, into Corning’s optical communications business unit.