Corning selling its German data cabling business to Prysmian

Prysmian Group announced it has entered into an agreement for the acquisition of the copper data cable operation located in Germany from Corning Optical Communications. “The acquired business reported sales of approximately 22 million euros in 2015, and consists of a plant for the production of Cat 5, Cat 6 and Cat 7 cables,” Prysmian said in the announcement.

“The investment will allow the group to further expand its presence and speed up growth strategy in the multimedia solutions business segment,” Prysmian continued. “In particular the acquired business will enhance the group’s product offering for high-capacity and flexible cable for data transmission and data center solutions.”

The company did not provide an anticipated timeframe for the acquisition’s closing, but said it is subject to customary closing conditions.