Corning's Optical Business Just Got a Huge Boost

Earlier this year, Corning's (NYSE: GLW) Optical Communications business finally passed Display Technologies to become its single largest segment -- a shift made possible in recent quarters by telecom giants' enormous investments in their next-generation networks. But if Corning's latest acquisition is any indication, it's only just getting started. Earlier this week, the glass-technology specialist announced it has agreed to purchase substantially all of 3M's (NYSE: MMM) Communication Markets Division for roughly $900 million in cash.

IMAGE SOURCE: CORNING.

For perspective, Corning's optical business generated sales of $917 million in its latest quarter, good for year-over-year growth of 15%. In September, Corning also reached a staggering milestone of 1 billion kilometers of optical fiber sold, with The Wilmington Star calling it "the material that revolutionized high-speed communication around the globe."

Source: Fool.com