Lucent Technologies and Corning Inc. have completed the sale to Corning of Lucent's interests in two joint ventures in China--Lucent Technologies Shanghai Fiber Optic Co. Ltd. and Lucent Technologies Beijing Fiber Optic Cable Co. Ltd.
Concluding a transaction that was originally announced on July 24, 2001, Corning will pay Lucent up to $225 million. The transaction closed on Sept. 30, 2002, and the purchase price includes Corning common stock valued at approximately $50 million and a future cash payment of $25 million should the ventures achieve certain business milestones.
Lucent's interests in these two ventures were part of Lucent's Optical Fiber Solutions business, the majority of which was sold to Furukawa Electric Co. Ltd. last year.
The Shanghai-based venture makes optical fiber and the Beijing operation makes fiber cable.
For more information about Lucent Technologies (Murray Hill, NJ), visit the company's Web site at www.lucent.com. Additional information about Corning Inc. may be found on the Web at www.corning.com.