USA: Corning Inc. has signed an agreement with Abengoa to acquire its Brazilian subsidiary, Bargoa S.A., a leading provider of connectivity solutions for the Brazilian telecom sector.
The terms of the agreement are not being disclosed. Pending regulatory approvals, the acquisition is expected to be completed by the end of the second quarter in 2013.
With its main activities located in Rio de Janeiro, Brazil, Bargoa provides a wide range of connectivity solutions in the rapidly growing Brazilian telecommunications marketplace. Upon closing, Bargoa will be integrated into Corning's telecommunications business segment.
Corning currently plays an active role in the telecommunications industry in Brazil, the largest economy in Latin America, and sixth largest economy in the world. The acquisition will strengthen Corning's telecom activities in the region – building on Bargoa's strong brand, high-quality manufacturing, and flexible design capabilities. These competencies complement Corning's innovative telecommunications portfolio and will enable the company to extend its leadership as a connectivity solutions company.
"We are very excited about the opportunity to expand Corning's presence in Brazil," said Clark S. Kinlin, executive VP, Telecommunications Business Group. "Bargoa has a proven history of delivering customer-driven solutions based on excellent manufacturing capabilities. We look forward to building a bright future in the Brazilian telecom market when Bargoa's talented team joins us."
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