3M Closes Sale Of Its Communication Markets Division To Corning

(RTTNews) - 3M Co. (MMM) said that it has completed the sale of substantially all of its Communication Markets Division to Corning Inc., for about $870 mln, before closing and other adjustments.

The business includes 3M's optical and copper passive connectivity solutions for the telecommunications industry, including 3M's xDSL, FTTx, and structured cabling solutions.

The sale of the telecommunications system integration services portion of the business based in Hannover, Germany, remains pending and is expected to be completed by the end of 2018 for approximately $30 million.

Total annual global sales of the business are about $400 million.

3M expects to realize a full-year 2018 earnings benefit of $0.40 to $0.45 per share from this transaction, net of actions related to the divestiture.