3M to sell nearly all of its communication markets division
The agreement, which is subject to closing, other adjustments and consultation or information requirements with relevant works councils, is expected to be completed in 2018.
The communication markets division consists of optical fibre and copper passive connectivity solutions for the telecommunications industry including 3M’s xDSL, FTTx, and structured cabling solution. In certain countries it also includes telecommunications system integration services.
“After completing a thorough strategic review, we believe that this business will be well positioned with Corning. I want to thank our communication markets division team for their outstanding contributions,” says 3M executive vice president of electronics and energy business group Ashish Khandpur.
Approximately 500 3M employees are expected to join Corning Incorporated upon completion of the transaction.