Samsung Electronics Co Ltd agreed to sell its fibre optics operations to U.S. specialty glass maker Corning Inc, exiting another non-core business to focus on shoring up underperforming key areas like smartphones.Terms of the sale, including plants in China and South Korea, weren't disclosed. Announced by both parties on Tuesday, the South Korean firm's second exit from a business line this quarter comes as it braces for its lowest annual profit in three years, squeezed by stiff competition.The world's top maker of smartphones has been caught between Chinese rivals like Xiaomi Technology Co Ltd at the low end and Apple Inc's iPhones at the top. Samsung Electronics' share of the global smartphone industry has shrunk year-on-year for the last three quarters."We have decided to sell our fibre optics business, in order to focus on our core business areas," a Samsung Electronics spokeswoman said. The company failed to comment on how much revenue the division generates.
Corning Incorporated (Corning), is a global, technology-based corporation. Shares of GLW fell by 0.52% or $-0.11/share to $20.91. In the past year, the shares have traded as low as $16.55 and as high as $22.37. On average, 7955050 shares of GLW exchange hands on a given day and today's volume is recorded at 5494016.
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