Verizon Signs Purchase Deal with Corning

SHARE

Verizon Communications said Tuesday that it has signed a three-year minimum purchase agreement for Corning Incorporated (GLW) to provide it with fiber optic cable and associated hardware. Under the deal, Corning will provide up to 20 million kilometers of optical cables each year to Verizon, with a minimum purchase commitment of $1.05 billion.

The New York-based telecom said it has launched its One Fiber service in Boston in an initial deployment in 2016, and plans to invest $300 million over six years to deploy it throughout the city. VZ shares were 0.3% higher in recent morning trade, while GLW shares were up 2.5%.

SHARE

LEAVE A REPLY