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3M: sells most of communications business to Corning.

(CercleFinance.com) - US diversified manufacturer 3M said on Monday that it has agreed to sell most of its communications business for nearly 900 million dollars.

Under the terms of the deal, materials science company Corning will buy 3M's business, consisting of optical fiber and copper solutions for the telecommunications industry, amongst other things.

This business has annual global sales of approximately 400 million dollars, 3M said.

The transaction is expected to be completed in 2018. Approximately 500 3M employees are expected to join Corning upon the transaction's completion, on which 3M expects to make a gain of approximately 40 cents per share.

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