Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Job creation lowest on record among under-30s
-
9
Industry experts predicts tough choices as NewJeans' ultimatum nears
-
10
NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
Samsung Electronics to sell fiberoptics business to Corning
By Korea HeraldPublished : Dec. 2, 2014 - 21:36
Korea’s top tech giant, Samsung Electronics Co., said Tuesday it has decided to sell its optical material business to U.S. specialty glass maker Corning Inc., in the latest move to reorganize the firm’s portfolio amid falling profits from its mainstay handset division.
Under the deal, the world’s No. 1 maker of smartphones will sell its optical material-related facilities in South Korea, as well as its China-based subsidiary Samsung Electronics Hainan Fiberoptics Co., an optical fiber cable manufacturer.
Samsung said the deal will be completed by the first quarter of 2015, adding that its price and other details will not be revealed under the agreement with the U.S. counterpart.
In January, Corning completed the purchase of a 43 percent stake in Samsung Corning Precision Materials Co., for an estimated $1.9 billion from Samsung Display Co.
Samsung, however, was expected to forge deeper ties with the U.S. firm under the deal, as the payment was made by convertible preferred shares issued by Corning, which can be converted into common shares seven years from now. (Yonhap)
Under the deal, the world’s No. 1 maker of smartphones will sell its optical material-related facilities in South Korea, as well as its China-based subsidiary Samsung Electronics Hainan Fiberoptics Co., an optical fiber cable manufacturer.
Samsung said the deal will be completed by the first quarter of 2015, adding that its price and other details will not be revealed under the agreement with the U.S. counterpart.
In January, Corning completed the purchase of a 43 percent stake in Samsung Corning Precision Materials Co., for an estimated $1.9 billion from Samsung Display Co.
Samsung, however, was expected to forge deeper ties with the U.S. firm under the deal, as the payment was made by convertible preferred shares issued by Corning, which can be converted into common shares seven years from now. (Yonhap)
-
Articles by Korea Herald
