3M's unit provides optical fiber and copper passive connectivity solutions for the telecommunications industry and has annual global sales of about $400 million.

The deal is part of New-York-based Corning's plan to invest$1 billion-$3 billion in acquisitions, Corning said.

The Austin-based unit will be part of Corning's optical communications business, which makes optical fiber products and accounted for more than a third of Corning's sales in the recently reported third quarter.

Corning expects the deal, set to close next year, to add earnings per share of 7 cents-9 cents.

About 500 3M employees would join Corning after the deal and 3M expects to realize a gain of about 40 cents per share.

Goldman Sachs was the exclusive financial adviser to 3M.

Shares in both Corning and 3M were little changed in early trading on Monday.