Corning buys 51-percent stake in Indonesian firm
CORNING, N.Y., Dec 11 (Reuters) - Corning Inc. (NYSE:GLW - news), the world's largest maker of fiber-optic cable, said on Tuesday it bought a 51-percent stake in an Indonesian maker of fiber-optic cable from Germany's Siemens AG to boost its presence in the growing Asia-Pacific telecommunications market.
Terms of the deal were not disclosed.
The acquisition follows Corning's purchase last year of Siemens' worldwide cable and hardware operations. That deal, due to regulatory concerns in the respective countries, had not included the Indonesian venture or another operation in Vietnam that Corning purchased, Corning said.
Corning, New York-based Corning said its Corning International Corp. subsidiary acquired the Indonesian firm, which will operate under the name PT Communication Cable Systems Indonesia.
The Indonesian firm was previously known as PT Siemens Kabel Optik, Corning said. PT Trafindo Perkasa Tbk of Jakarta, Indonesia is the other shareholder, along with Marsini Adinegoro.
Corning Cable Systems group, based in Hickory, North Carolina, will manage the Indonesian venture, which will continue to make loose tube cable, all dielectric self-supporting optical ground wire and submarine cables, Corning said.
The Indonesian cable facility, established in 1995, is in Cilegon, West Java, and employs about 70 people.
In late June, Corning bought Siemens' 50-percent stake in a fiber-optic cable making venture with Vietnam's primary telecom operator, Vietnam Post and Telecommunications Corp. Terms of that deal also were not disclosed. |
