Samsung To Sell Fiber Optics Business to Corning

By Min-Jeong Lee 

SEOUL-- Samsung Electronics Co. said Tuesday it will sell its fiber optics business to U.S. specialty glass manufacturer Corning Inc., as the company bids to streamline operations to focus on core business areas.

The terms of the deal, including the value, weren't disclosed. Optical fibers can be used for making network cables.

The sale includes Samsung's manufacturing base for optical fiber materials in Korea and China, said a company spokesman. The deal will be completed by the first quarter of 2015 following necessary regulatory approvals, he said.

Samsung is the world's largest maker of smartphones, TVs and memory chips.

South Korea's Samsung Group has been restructuring its business units in recent months ahead of an expected leadership succession.

Last week Samsung 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).

Write to Min-Jeong Lee at [e-mail]

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