Samsung, Corning Join to Mass Produce Optical Products; Corning Takes Helm of NetOptix

Corning Incorporated> (Corning, NY) will take over NetOptix Corp. (Sturbridge, MA), a manufacturer of thin film filters for use in dense wavelength division multiplexing (DWDM) components, for approximately $2 billion in stock. In a related announcement, the company made public that it has formed an equity venture, Samsung Corning Micro-Optics to package thin film filters for DWDM components used in telecommunications systems.

Under the terms of the acquisition, which has been approved by the boards of directors of both companies, Corning will exchange .90 shares of Corning common stock for each share of NetOptix common stock. The acquisition, which is expected to close in the second quarter of 2000, is subject to customary regulatory approvals and the approval of NetOptix shareholders.

Edited by Kristin Keiser