Pirelli Sells Optical Unit to Corning

MILAN -- Pirelli and Corning, the two long lasting partners in the optical technology, announced today to have reached an agreement for the sale to Corning of the share capital of Optical Technologies - the American company manufacturing optical components based in Delaware - for USD 3.9 billion plus other assets for USD 100 million. The company shareholding is held 90% by Pirelli SpA and 10% by Cisco Systems, while the other assets are fully owned by Pirelli Cables and Systems.

As already announced last March, the Pirelli strategic aim was to proceed with an IPO in order to allow the new company to benefit from the opportunities offered by the US market in terms of finance, customers and technologies: an aim which is now fully achieved through this transaction.

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