Summary
Corning Incorporated announced on July 24, 2001, that it has entered into an agreement to acquire Lucent Technologies' controlling equity interests in two of its Chinese fiber optic cable joint ventures. This strategic move involves acquiring stakes in Lucent Technologies Beijing Fiber Optic Cable Co., Ltd., and Lucent Technologies Shanghai Fiber Optic Co., Ltd. The acquisition is subject to standard closing conditions, including regulatory approvals and equity shareholder consent. This expansion into the Chinese market signifies Corning's commitment to growing its global fiber optic business and strengthening its position in a key geographical region. Investors should monitor the progress of these approvals as they are crucial for the completion of the deal.
Key Highlights
- 1Corning to acquire controlling equity interests in two Lucent Technologies fiber optic cable joint ventures in China (Beijing and Shanghai).
- 2The transaction aims to expand Corning's global fiber optic presence.
- 3Acquisition is subject to customary closing conditions, including regulatory and equity shareholder approvals.
- 4The announcement was made on July 24, 2001.
- 5Corning Incorporated is the reporting entity (GLW).