Prysmian has acquired Corning's copper data cable operations in Coburg, Germany, bolstering its ability to target data center solutions projects.
By acquiring these assets, Prysmian said it will be able to expand its presence and accelerate the growth strategy for its multimedia business segment, particularly for high-capacity and flexible cable for data transmission and data center solutions.
Financial details of the acquisition were not disclosed. The closing of the acquisition is subject to customary closing conditions.
Prysmian is acquiring a profitable business. In 2015, Corning's copper data operations reported about $25 million in annual revenue.
By acquiring this business, Prysmian will gain a plant that produces Cat 5, Cat 6 and Cat 7 cables.
While Corning did not disclose why it is selling off this copper related business to Prysmian, it's likely the company is looking for opportunities to trim off non-core assets in its portfolio.
For its own part, Corning has continued to bolster its fiber component portfolio via acquisitions.
In April, Corning acquired Alliance Fiber Optic Products for $305 million, a manufacturer of passive optical components. Earlier, the company acquired TR Manufacturing and Samsung's fiber optics business in 2014, a transaction that enhanced its Asia-Pacific market presence.
For more:
- see the release
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