Samsung Display Secures 7.4% Stake in Corning, Expands Gorilla Glass Partnership
October 23, 2013 10:19 AM
comment(s) - last by
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
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.
This article is over a month old, voting and posting comments is disabled
10/23/2013 12:49:27 PM
The point is that Samsung is making a play to control the market for the glass used in smart phones and tablets. You don't really expect them to stop at 7% do you? Give them a few more years and they will own 50.1% of the company and be able to cut off Apples supply of gorilla glass. That means that Apple will be forced to find an alternative and there simply isnt an alternative available. Since Corning owns the patents that affect Apple, the only option Apple will have is to use glass that breaks easily or develop something like transparent aluminum.
Its a pretty smart move on their part and its a way for them to force Apple to stop the idiotic patent trolling that they have been doing for the last 10 years or so.
10/23/2013 1:32:12 PM
It makes corning a 10 billion a year company. I don't think a 7.4% stake holds much water in determining the supply of glass or in South Korea. I do think it is a shot across the bow of apple on sapphire display covers however.
“We do believe we have a moral responsibility to keep porn off the iPhone.” -- Steve Jobs
Corning Thinks Gorilla Glass Can Lower Vehicle Weight, Increase Fuel Economy
June 11, 2013, 8:35 AM
Retiree Sues Apple For $7,500 for Wiping Honeymoon Photos From His iPhone
November 30, 2015, 10:23 AM
iPhone 7 May Pack 3-4 GB Memory, More Storage; 4-Inch Comeback is Rumored
November 20, 2015, 10:12 PM
OnePlus One, OnePlus 2 Will Receive Android Marshmallow in Q1 2016
November 16, 2015, 9:58 AM
Lenovo Whoa: Motorola Droid MAXX 2 and Turbo 2 Break Cover in Leaks
October 26, 2015, 3:12 PM
Leak: Apple Preps for First Real Android App Foray With New Apple Music App
October 24, 2015, 1:59 PM
Pepsi Smartphone? Empty Calories Coming Soon to the Midrange
October 12, 2015, 11:41 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information