Corning Incorporated (NYSE: GLW; Corning, NY) has reached agreement with Samsung Electronics to acquire its fiber optics business, with the sale to be completed by the end of the first quarter of 2015. Specific details were not announced, but the deal continues the long-term cooperation between the two companies. Corning will integrate Samsung’s fiber optics business, with its manufacturing facilities in Gumi, South Korea, and Hainan, China, into the Corning Optical Communications business segment.
“We are very excited about the growth opportunities in Korea and the emerging economies in Southeast Asia,” said Clark 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.”
In October 2013, Corning and Samsung had announced a strengthening of their strategic collaboration, including a series of agreements with Samsung Display intended to strengthen product and technology collaborations. As part of that announcement, Corning obtained full ownership of Samsung Corning Precision Materials, an unconsolidated equity venture with Samsung Display that manufactures LCD glass in Korea.
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Source: Corning
Conard Holton | Editor at Large
Conard Holton has 25 years of science and technology editing and writing experience. He was formerly a staff member and consultant for government agencies such as the New York State Energy Research and Development Authority and the International Atomic Energy Agency, and engineering companies such as Bechtel. He joined Laser Focus World in 1997 as senior editor, becoming editor in chief of WDM Solutions, which he founded in 1999. In 2003 he joined Vision Systems Design as editor in chief, while continuing as contributing editor at Laser Focus World. Conard became editor in chief of Laser Focus World in August 2011, a role in which he served through August 2018. He then served as Editor at Large for Laser Focus World and Co-Chair of the Lasers & Photonics Marketplace Seminar from August 2018 through January 2022. He received his B.A. from the University of Pennsylvania, with additional studies at the Colorado School of Mines and Medill School of Journalism at Northwestern University.