Corning acquires Siemens' Kabel Optik

Corning acquires Siemens' Kabel Optik

JAKARTA: American-based fiber optic manufacturer Corning Incorporated said on Wednesday that its subsidiary had acquired Siemens AG's 51-percent interest in cable maker PT Siemens Kabel Optik and would operate the newly-acquired firm under the name of PT Communication Cable Systems Indonesia (CCSI).

CCSI president Peter Djatmiko said that Siemens sold its stake because it wanted to focus on other businesses.

He did not disclose the terms of the agreement.

"Sales are projected to increase between 20 and 30 percent after the acquisition," he said, adding that the company had already achieved 30 percent of the market share in Indonesia.

CCSI supplies optical fiber cable to state-owned telecommunications firms PT Telkom and PT Indosat. It is also expanding its market to supply state-owned gas distribution company PT Gas Negara, power company PT PLN and railway company PT Kereta Api Indonesia (KAI). -- JP