Abengoa sells Brazilian unit to Corning Inc.

Abengoa (ABG) finalized the sale of its Brazilian unit, Bargoa, which manufactures telecommunications components, to the U.S. company Corning Inc.

The transaction reflects Abengoa's strategy to focus on its core activities, which include the engineering, development and operation of solar thermal plants, water desalination plants, energy transmission lines and biofuels production plants.

Abengoa has had a presence in Brazil for more than 30 years, where it has developed a large number of projects for Brazilian companies. Following this deal, the company will have a portfolio of transmission assets in the country covering more than 7,000 kilometers, as well as three bioethanol production plants.

Corning Inc. is a U.S.-based manufacturer of glass, ceramics and related material for industrial and scientific applications.

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