3M Completes Sale of Substantially All of Its Communication Markets Division

Date Announced: 04 Jun 2018

Includes optical connectivity product lines.

ST. PAUL, Minn.--(BUSINESS WIRE)--3M today announced that it has completed the sale of substantially all of its Communication Markets Division to Corning Incorporated, for approximately $870 million, before closing and other adjustments.

The business includes 3M’s optical and copper passive connectivity solutions for the telecommunications industry, including 3M’s xDSL, FTTx, and structured cabling solutions.

The sale of the telecommunications system integration services portion of the business based in Hannover, Germany, remains pending and is expected to be completed by the end of 2018 for approximately $30 million.

Total annual global sales of the business are approximately $400 million.

3M expects to realize a full-year 2018 earnings benefit of $0.40 to $0.45 per share from this transaction, net of actions related to the divestiture.

Source: 3M

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