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3M (NYSE: MMM), St. Paul, MN, has completed the sale of its Communications Markets Division to Corning Incorporated, for approximately $870 million. The business includes 3M’s optical and copper passive connectivity solutions for the telecommunications industry, including 3M’s xDSL, FTTx, and structured cabling solutions.
The sale of the telecommunications system integration services portion of the business based in Hannover, Germany, remains pending and is expected to be completed by the end of 2018 for approximately $30 million, the company said.
Total annual global sales of the business are approximately $400 million.
3M also said it expects to realize a full-year 2018 earnings benefit of $0.40 to $0.45 per share from the transaction, net of actions related to the divestiture.