Samsung Electronics Co. has revealed that it will sell its fiber optics business to U.S. specialty glass manufacturer Corning Inc, as part of the process to streamline operations to focus on core business areas.
The value and terms of the deal have not been disclosed.
Optical fibers can be used for making network cables.
Included as part of the sale is Samsung’s manufacturing base for optical fiber materials in Korea and China. The deal will be completed by the first quarter of 2015 following necessary regulatory approvals, he said.
Samsung Group, which is the world’s largest maker of smartphones, TVs and memory chips has been restructuring its business units in recent months ahead of an expected leadership succession.
Samsung last week said it would sell controlling stakes in its chemical and defense units to another Korean conglomerate, Hanwha Group , for 1.9 trillion won ($1.7 billion).
Source WSJ
