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)
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