Tuesday December 11, 4:18 pm Eastern Time
Press Release
SOURCE: Corning Incorporated
Corning Acquires 51-Percent Stake in Indonesian Telecom Cable Company
New Venture Will Provide Access to Growing Asia-Pacific Telecom Opportunities
CORNING, N.Y.--(BUSINESS WIRE)--Dec. 11, 2001--Corning Incorporated (NYSE:GLW - news) today announced that its wholly owned subsidiary, Corning International Corporation, has acquired Siemens AG's 51-percent interest in an Indonesian manufacturer of optical fiber cable for telecommunications.
The acquisition of shares in the equity company, which will operate under the name PT Communication Cable Systems Indonesia, is the result of Corning's acquisition in 2000 of Siemens AG's worldwide cable and hardware operations. Terms of the agreement were not disclosed.
The equity company was previously known as PT Siemens Kabel Optik (SKO). PT Trafindo Perkasa Tbk of Jakarta, Indonesia is the other shareholder, along with Mr. Marsini Adinegoro.
The Corning Cable Systems group, with headquarters in Hickory, N.C. USA, will manage Corning International Corporation's interest in the equity company. PT Communication Cable Systems Indonesia will continue to produce loose tube cable, all dielectric self-supporting optical ground wire, and submarine cables using Corning® optical fiber.
Established in 1995, the Indonesian cable manufacturing facility is located in Cilegon, West Java. It employs approximately 70 people.
Corning Cable Systems is an industry-leading global manufacturer of fiber optic and copper telecommunications system solutions for voice, data and video network applications. The company, wholly owned by Corning Incorporated, provides customers with a complete line of value-added products and services needed to build the passive network infrastructures to carry a signal from the point it is generated to the point it is received around the world.
Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television, information technology and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning revenues for 2000 were $7.1 billion. |
