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 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.
"This is about the Internet. Everything on the Internet is encrypted. This is not a BlackBerry-only issue. If they can't deal with the Internet, they should shut it off." -- RIM co-CEO Michael Lazaridis
Corning Thinks Gorilla Glass Can Lower Vehicle Weight, Increase Fuel Economy
June 11, 2013, 8:35 AM
Apple Says Nude Celebrity Photo Dump Wasn’t Result of iCloud, Find My iPhone Breach
September 2, 2014, 3:26 PM
BlackBerry Passport Flagship Smartphone to be Officially Announced September 24
September 2, 2014, 2:36 PM
Google Plans Small Updates to Make Android Wear Smartwatches More Self-sufficient
September 2, 2014, 11:00 AM
webOS Reborn as LuneOS ROM for Select Android, webOS Devices
September 2, 2014, 10:47 AM
Sony Xperia Z3 Compact Revealed in Leaked Photos
September 2, 2014, 9:53 AM
ASUS' ZenWatch to Arrive Wednesday, Feature Sub-$200 MSRP
September 1, 2014, 2:40 PM
Most Popular Articles
Numerous Leaks Detail 4.7" iPhone 6 Processor, RAM, Cellular and NFC Capabilities
August 29, 2014, 10:37 PM
Apple Builds Not-So-Secret Secret 3-Story Tower for iPhone 6/iWatch Unveil
August 28, 2014, 3:41 PM
Windows 9: "Upgrade Now" Button Coming for Enterprise Updates, ARM Preview in H1 2015
August 26, 2014, 8:00 PM
Buzz Grows Over Upcoming Lenovo Vibe X2's "Layered" Rim, Intel Chip
August 29, 2014, 4:59 PM
Comcast Forced Fees by Reducing Netflix to "VHS-Like Quality"
September 1, 2014, 7:18 PM
Latest Blog Posts
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information