Samsung Electronics Co. is selling its fiber optics business to Corning, the U.S. specialty glass manufacturer. This deal is in continuation to company’s ongoing management changes.
The company is trying to focus on core businesses and improve profitability by streamlining under-performing or non-core businesses. A Samsung Electronics spokeswoman said.
We have decided to sell our fiber optics business, in order to focus on our core business areas,”
As a part of the deal, the company will sell its optical material-related manufacturing facilities in China and its home country, South Korea. The financial details of the deal were not made public. It is expected to complete by the first quarter of the next year.
Samsung has been doing a lot of selling recently. Less than a week ago, it sold of large amounts of equities from its Chemicals and defence divisions. All these sell-offs are a result of companies heavily declined profits in its core businesses.
Corning is the manufacturer of the popular protective glass for smartphones, the Gorilla Glass. The company recently launched the fourth version of Gorilla Glass named Corning Gorilla Glass 4.
Samsung has been restructuring its business units in recent months. Recently, Samsung’s mobile head received a big pay cut in his salary after a huge decline in the smartphone sales of the company in the third quarter.