Corning will buy NetOptix

17 Jun 2002

Corning Inc. will pay approximately USD 2 billion in stock to acquire NetOptix Corp. of Sturbridge, MA, a manufacturer of thin film filters for dense wavelength division multiplexing (DWDM).

The deal, which is expected to close in the second quarter of 2000, will exchange 0.90 shares of Corning common stock for each share of NetOptix common stock.

Corning will combine NetOptix's business with its existing thin film filters products to serve the latest equity-venture company that it has established with Samsung Electronics, of South Korea. The joint venture company, Samsung Corning Micro-Optics, will be located in an existing Samsung facility in South Korea and will use robots to mass package DWDM components for telecommunications systems. Volume manufacturing is expected by the middle of 2000.

SH