News Business

Corning buying Samsung fiber optics business

By Associated Press

CORNING, N.Y. — Corning is buying Samsung Electronics’ fiber optics business, which will help bolster its portfolio of optical communications products in Asia.

Financial terms were not disclosed in the announcement Tuesday.

Samsung Electronics Co.’s fiber optics business has manufacturing plants in Gumi, South Korea and Hainan, China.

The deal is expected to close by the end of 2015′s first quarter.

The Samsung fiber optics business will be folded into Corning Inc.’s optical communications business once the transaction is complete.

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