Furukawa Electric Buys Lucent Fiber Optic Business

MURRAY HILL, N.J., Nov. 19 -- Lucent Technologies announced Friday that it has completed the sale of its Atlanta-based Optical Fiber Solutions (OFS) business to Tokyo's Furukawa Electric Co. Ltd.

Lucent will receive $2.3 billion from Furukawa for the major portion of the business, $225 million less than originally agreed. As announced on July 24, Furukawa and CommScope will form a venture to operate a portion of the OFS business.

In a separate agreement also announced July 24, Corning is purchasing the remaining portion of Lucent's OFS business, which consists of interest in two joint ventures in China -- Lucent Technologies Shanghai Fiber Optic Co. Ltd. and Lucent Technologies Beijing Fiber Optic Cable Co. Ltd. Corning will pay Lucent $225 million for its interests in these businesses. This transaction is subject to various approvals, including Chinese governmental approval.