Summary
Corning Incorporated (GLW) has announced the completion of its acquisition of Lucent Technologies' interests in two Chinese joint ventures: Lucent Technologies Shanghai Fiber Optic Co. Ltd. and Lucent Technologies Beijing Fiber Optic Cable Co., Ltd. This transaction, originally announced in July 2001 and closing on September 30, 2002, represents a strategic move by Corning to further consolidate its position in the optical fiber and cable market in China. The total purchase price is up to $225 million, comprising approximately $50 million in Corning common stock and a potential future cash payment of $25 million contingent on the ventures meeting specific business objectives.
Key Highlights
- 1Corning completed the purchase of Lucent Technologies' interests in two China-based joint ventures.
- 2The acquired entities are Lucent Technologies Shanghai Fiber Optic Co. Ltd. and Lucent Technologies Beijing Fiber Optic Cable Co., Ltd.
- 3The transaction's closing date was September 30, 2002.
- 4The total purchase price is up to $225 million.
- 5The purchase price includes approximately $50 million in Corning common stock.
- 6A future cash payment of $25 million is contingent upon the ventures achieving certain business milestones.
- 7This acquisition is part of Corning's strategy in the optical fiber and cable sector.