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Samsung sells fibre optics business to focus on smartphones

Posted: 03 Dec 2014 ?? ?Print Version ?Bookmark and Share

Keywords:fibre optics? smartphone? iPhone?

Samsung Electronics Co. Ltd agreed to sells its fibre optics business to Corning Inc., a U.S. speciality glassmaker.

The terms of the agreement were not released. The acquisition is expected to be completed by the end of the first quarter of 2015, subject to customary closing conditions, including receipt of regulatory approvals.

Samsung is a trusted provider of optical fibre and cable for customers in South Korea, China and Southeast Asia. When complete, the acquisition will augment Corning's market access and enhance its broad portfolio of optical communications products in Asia. Corning will integrate Samsung's fibre optic business, with manufacturing facilities in Gumi, South Korea, as well as in Hainan, China, into the Corning Optical Communications business segment upon closing of the acquisition.

"We are very excited about the growth opportunities in Korea and the emerging economies in Southeast Asia," said Clark S. Kinlin, executive vice president, Corning Optical Communications. "Once we are joined by Samsung Electronics' experienced workforce, I look forward to the team building out Corning's global scale and scope to better meet customer needs for innovative fibre optic solutions."

Samsung's exit from another none-core business is a move that will allow the company to focus on its flagship product, smartphones. The Korean giant suffered its lowest annual profit in three years due to stiff competition. Its low-end phones struggled against Chinese rivals like Xiaomi, while its high-end segment fared below par as compared to Apple's iPhone.

- Stephen Padilla
??EE Times Asia

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