3M selling communication markets biz to Corning

Dec. 11, 2017
3M (NYSE:MMM) has entered into agreements related to the sale of substantially all of its Communication Markets Division to Corning ...

3M (NYSE:MMM) has entered into agreements related to the sale of substantially all of its Communication Markets Division to Corning (NYSE:GLW) for $900 million, subject to closing and other adjustments.

The business consists of optical fiber and copper passive connectivity solutions for the telecommunications industry including 3M's xDSL, FTTx, and structured cabling solutions and, in certain countries, telecommunications system integration services. The business has annual global sales of approximately $400 million.

"After completing a thorough strategic review, we believe that this business will be well-positioned with Corning," said Ashish Khandpur, executive vice president, Electronics & Energy Business Group. "I want to thank our Communication Markets Division team for their outstanding contributions."

The sale, which is subject to consultation or information requirements with relevant works councils and to customary closing conditions and regulatory approvals, is expected to be completed in 2018. Approximately 500 3M employees are expected to join Corning upon completion of the transaction.

About the Author

BTR Staff

EDITORIAL
STEPHEN HARDY
Editorial Director and Associate Publisher
[email protected]
MATT VINCENT
Senior Editor
[email protected]
SALES
KRISTINE COLLINS
Business Solutions Manager
(312) 350-0452
[email protected]
JEAN LAUTER
Business Solutions Manager
(516) 695-3899
[email protected]

Sponsored Recommendations

The Road to 800G/1.6T in the Data Center

Oct. 31, 2024
Join us as we discuss the opportunities, challenges, and technologies enabling the realization and rapid adoption of cost-effective 800G and 1.6T+ optical connectivity solutions...

Advances in Fiber & Cable

Oct. 3, 2024
Attend this robust webinar where advancements in materials for greater durability and scalable solutions for future-proofing networks are discussed.

On Topic: Fiber - The Rural Equation

Oct. 29, 2024
RURAL BROADBAND:AN OPPORTUNITY AND A CHALLENGE The rural broadband market has always been a challenge for service providers. However, the recent COVID-19 pandemic highlighted ...

High-Speed Networking Event

Oct. 23, 2024
A Multi-Day online learning event crafted for optical communications professionals specializing in high-speed networking solutions Date: November 12-14Platinum Sponsor: AFLGold...