Corning Buys Seimens Optical Calbe Business And Sees Growth

Corning Inc., has signed a definitive agreement to acquire German group Siemens AG's world-wide optical cable and hardware business, and the remaining of its two co-investments with Siemens for US$1.4bn, including assumed debt. In a press release, Corning said the transaction, which includes co-investments in Siecor Corp. and Siecor GmbH, is expected to close early this year after regulatory approvals. Corning also said the acquisition will probably dilute earnings per share less than 5% in 2000, and will be accretive thereafter. As part of integrating the acquired operations, Corning will create a new operating unit, Corning Communications Europe, with its headquarters based in London.