Corning Buys Cisco's Pirelli Share

Cisco will take shares of Corning's common stock for its 10% stake in Pirelli's optical components and devices business

October 26, 2000

1 Min Read

CORNING, N.Y.--(BUSINESS WIRE)--Oct. 26, 2000--Corning Incorporated (NYSE: GLW - news) announced today that Cisco Systems Inc. (NYSE: CSCO - news) plans to exercise its right to sell its 10% stake in Pirelli's SpA's optical components and devices business to Corning. Corning said that Cisco has agreed to take shares of Corning's common stock for its 10% stake in Pirelli's optical components and devices business.

In September, Corning announced it had agreed to purchase Pirelli's 90 percent interest in the business for approximately $3.6 billion in cash. Pirelli's optical components business, based in Milan, Italy manufactures lithium niobate modulators, pump lasers, certain specialty fibers and fiber gratings used in optical networks. Corning expects the transactions to close concurrently in late December, 2000. Earlier today Corning announced that the U.S. Federal Trade Commission Pre-merger Office had granted early termination of the normal 30-day antitrust waiting period.

http://www.corning.com

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