Corning Takes Majority Stake in Indonesian Firm

CORNING, N.Y., Dec. 12 -- Corning Inc. said it bought a 51-percent stake in an Indonesian maker of fiber optic cable from Germany's Siemens AG to boost its presence in the growing Asia-Pacific telecommunications market. Terms of the deal were not disclosed.

The acquisition follows Corning's purchase last year of Siemens' worldwide cable and hardware operations. Corning said that deal, due to regulatory concerns in the respective countries, had not included the Indonesian venture or another operation in Vietnam that Corning purchased.

The Indonesian firm was previously known as PT Siemens Kabel Optik. PT Trafindo Perkasa Tbk of Jakarta, Indonesia, is the other shareholder, along with Marsini Adinegoro. Corning Cable Systems group, based in Hickory, N.C., will manage the Indonesian venture, which will continue to make loose tube cable, all dielectric self-supporting optical ground wire and submarine cables, Corning said.