Lucent Sells China Interests to Corning

MURRAY HILL, N.J., Oct. 9 -- Lucent Technologies has completed the sale to Corning of its interests in two joint ventures in China -- Lucent Technologies Shanghai Fiber Optic Co. Ltd. and Lucent Technologies Beijing Fiber Optic Cable Co. Ltd.

Concluding a transaction announced July 24, 2001, Corning will pay Lucent up to $225 million. The transaction closed on Sept. 30, and the purchase price includes Corning common stock valued at approximately $50 million and a future cash payment of $25 million should the ventures achieve certain business milestones.

Tthese two ventures were part of Lucent's Optical Fiber Solutions business, the majority of which was sold to Furukawa Electric Co. Ltd. last year.

The Shanghai-based venture makes optical fiber and the Beijing operation makes fiber cable.

For more information, visit: www.lucent.com