Corning Inc. said Monday it agreed to buy almost all of 3M Co.'s optical fiber and copper cable business for $900 million in cash.
3M's communications markets division, which is based in Austin, Texas , generates about $400 million a year in sales, the company said. About 500 3M employees will join Corning as part of the deal, which is expected to be completed in 2018.
"After completing a thorough strategic review, we believe that this business will be well positioned with Corning," Ashish Khandpur , 3M's executive vice president for its electronics and energy business group, said in prepared remarks.
The deal will add to Corning's 2019 per-share earnings by between 7 cents and 9 cents , it said. 3M said it expects to realize a gain of 40 cents a share from the divestiture.
Corning said it plans to spend between $1 billion and $3 billion on acquisitions as part of its multiyear capital- allocation plan.
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