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.