Business Reshuffling
Samsung Electronics announced on Dec. 2 that it is selling its entire optical material business to Corning. The objects of the disposal include Samsung Electronics Hainan Fiberoptics as well as the Gumi Plant that manufactures optical fibers and optical cables.
Both parties are not going to disclose details of the contract according to mutual agreement. The sale is regarded as a part of the Samsung Group’s recent business reorganization. The group is disposing of many of its minor subsidiaries and business units these days.
At present, the optical material business unit, which manufactures network cable products, belongs to the IT and Mobile Division of Samsung Electronics. It had been run as an independent subsidiary, Samsung Fiberoptics, but was incorporated into the electronics company after the reduction of its business scale.
In the meantime, Samsung sold all of its shares in Samsung Corning Precision Materials to Corning late last year. Corning Chairman Wendell Weeks visited Korea last month, promising that he would make a large investment and set up an R&D center in Korea. In the first half of this year, Samsung sold Toshiba Samsung Storage Technology to Optis, too.