Alcatel and Corning optical units to be sold to Avanex

Optical components maker, Avanex Corp has announced that it will pay USD67.4 million in stock for the optical component businesses of Alcatel [NYSE:ALA]and Corning [NYSE:GLW], in a bid to bolster its position as a maker of components and subsystems for fibre-optic networks. On completion of the transaction, expected in the third quarter of 2003, Alcatel will take a 28% stake in Avanex while Corning will hold a 17% stake.