Corning Incorporated (NYSE:GLW), announced it has reached an agreement with Lucent Technologies (NYSE:LU) to purchase Lucent's controlling equity interests in Lucent Technologies Shanghai Fiber Optic Co., Ltd and Lucent Technologies Beijing Fiber Optic Cable Co., Ltd. for an aggregate payment of $225 million in cash. Corning's purchase of these interests is subject to the satisfaction of certain conditions including, the approvals of the other equity shareholders of each joint venture and relevant governmental approvals.
As a manufacturer and supplier of optical fiber, optical cable and photonic components, Corning intends to expand its presence in the growing Chinese telecommunications marketplace. Lucent�s assets in China will help expand Corning�s presence in the region.
About Corning:
Established in 1851, Corning Incorporated manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television, information technology and other communications-related industries. For more information, visit www.corning.com.