Corning Inc. has largely completed the acquisition of substantially all of industrial conglomerate 3M Co.'s communication markets division for approximately $870 million.
The business includes 3M's optical and copper passive connectivity solutions for the telecommunications industry.
The $30 million sale of the telecommunications system integration services business is expected to close by the end of 2018, subject to customary closing conditions and regulatory approvals.
Corning projects the business to generate approximately $400 million in sales, and 7 cents to 9 cents EPS annually, beginning in 2019. For 2018, the company expects the acquisition to provide an additional $200 million in sales and incur one-time integration costs that will result in neutral EPS.
3M said it expects to realize a full-year 2018 earnings benefit of 40 cents to 45 cents per share from the deal, net of actions related to the divestiture.
Corning manufactures and sells specialty glasses, ceramics and related materials.
