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Siemens in talks to sell stake in Siecor glass fiber jv with Corning

Siemens AG said that it“s in talks to sell its 50% stake in the Siecor Corp. glass fibre joint venture with Corning Inc., but denied a report that it has decided to sell the stake to its partner.
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Siemens AG said that it“s in talks to sell its 50% stake in the Siecor Corp. glass fibre joint venture with Corning Inc., but denied a report that it has decided to sell the stake to its partner. A news report had said that Siemens plans to sell the stake to Corning. A Siemens spokesman said, “It“s true that we“re in talks with Corning, but there is no concrete decision.” “We“re not commenting on the content of the talks at this time,” the spokesman said. The sale would complete Siemens“ exit from the cables business, which it decided to give up amid a major group restructuring. Last year, it sold its high voltage electricity cable operations to Italy“s Pirelli SpA (I.PI). It has almost completed the sale of all its copper cables operations, with a production plant in the Czech Republic being the only remaining divestment. Manager Magazin reported that Corning plans to merge Siecor with UK producer Optical Fibres, which it acquired last November. Siecor, one of the world“s leading glass fibre producers, was formed in 1997.

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