By Tony Hallett, 2 March 1999 15:05
NEWS BICC, the troubled cabling and construction group, has agreed to sell its Telecommunication Cable business to US-based Corning. The deal is worth $133m. While an exit from the booming telecoms market has surprised some industry watchers, BICC explained that the loss-making division - which has about 2,000 employees - will be better off within Corning's worldwide optical technology business. BICC chief executive, Alan Jones said the sale will reduce "risk and volatility of earnings for BICC shareholders", and shows a commitment to "radical and decisive action as markets change". Assuming the sell-off is approved by shareholders, BICC will be left with energy and data cable divisions, as well as Balfour Beatty, the construction company.
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