Corning to Acquire Brazilian Telecom Components Maker

Specialty glass maker Corning (NYSE: GLW  ) announced it was buying Brazilian telecom components Bargoa, a subsidiary of Abengoa, a leading international energy and environmental technology solutions provider.

While the terms of the deal are not being disclosed, the company will be added to Corning's telecommunications business segment. Bargoa specializes in manufacturing thermo injected products for the telecom industry, and will complement Corning's existing presence in the country's telecom industry. Brazil is the largest economy in Latin America, and sixth largest economy in the world.

Building on the opportunity to expand its presence in Brazil, Corning's executive VP for its telecom business group Clark S. Kinlin said:

Bargoa has a proven history of delivering customer-driven solutions based on excellent manufacturing capabilities. We look forward to building a bright future in the Brazilian telecom market when Bargoa`s talented team joins us. 

The acquisition is expected to be completed by the end of the second quarter in 2013. Corning generated $29 million from the country in 2012, just a small percentage of its $8 billion in consolidated revenues.


Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2286824, ~/Articles/ArticleHandler.aspx, 4/17/2014 5:44:01 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement