Industrial conglomerate 3M Co. announced that it has agreed to sell substantially all of its Communication Markets unit to Corning Inc. for $900 million in cash, subject to consultation, customary closing conditions and regulatory approvals.
The transaction, from which 3M expects to realize a gain of approximately 40 cents per share, is expected to be completed in 2018. By that time, approximately 500 3M employees are expected to join the glass and ceramics manufacturer.
The Communication Markets business specializes in optical fiber and copper passive connectivity solutions for the telecommunications industry and has annual global sales of approximately $400 million.
