backtop


Print 8 comment(s) - last by aliasfox.. on Oct 24 at 9:33 AM

Deal is worth $1.9 billion

Corning is a company that has its fingers into all sorts of products. Perhaps one of the products the company is best known for in the tech world is the Gorilla Glass that covers the LCD panels of many smartphones and tablets on the market.
 
Corning and Samsung have jointly operated Samsung Corning Precision Materials Co. Limited (SCP) – which manufactures LCD glass in South Korea -- with Samsung Display having ownership of 43 percent. With today’s announcement, Corning will assume full ownership of SCP.

The deal will net Samsung $1.9 billion in Corning convertible preferred shares, giving it 7.4% ownership in Corning if converted.

 
“The agreements provide important financial and strategic benefits to both Corning and Samsung,” said Wendell P. Weeks, chairman, chief executive officer and president of Corning.
 
“We look forward to concentrating our efforts and combining our expertise in product development with Corning’s renowned leadership in glass technologies to develop new market opportunities in consumer products and other industries,” added Kinam Kim, president and chief executive officer of Samsung Display.

The deal also brings with it a long-term LCD display glass supply agreement between Corning and Samsung Display that will run through 2023. Corning's board also authorized an additional $2 billion in share repurchases throughout December 31, 2015. 

Source: Corning



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: Transaction
By Lonyo on 10/23/2013 12:40:02 PM , Rating: 2
Er, if they do complete the transaction, Corning will repurchase shares.
Conversion by Samsung isn't required for the repurchase of the shares by Corning.


"Game reviewers fought each other to write the most glowing coverage possible for the powerhouse Sony, MS systems. Reviewers flipped coins to see who would review the Nintendo Wii. The losers got stuck with the job." -- Andy Marken














botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki