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
10/24/2013 9:33:42 AM
My sapphire watch crystal is nearly 1/2 the thickness of a modern phone. Make it any thinner and it'll be too easy to shatter. Keep it that thick and we're back to 11mm phones that will end up weighing 1/2 a pound. And don't forget that 2mm thick sapphire crystals are strong enough to cover a 40-45mm watch dial, and it probably needs to be thicker to be suspended over a 4-5" screen.
No, I'm afraid Gorilla Glass is where it's at right now, for better or for worse. If Samsung wanted to restrict supply of Gorilla Glass to other companies, then everyone (LG, Moto, HTC - not just Apple) would be relegated to 2nd class manufacturers.
“And I don't know why [Apple is] acting like it’s superior. I don't even get it. What are they trying to say?” -- Bill Gates on the Mac ads
Corning Thinks Gorilla Glass Can Lower Vehicle Weight, Increase Fuel Economy
June 11, 2013, 8:35 AM
Chromebooks Expected to See Sales Grow 26 Percent to 7.3 Million Units This Year
May 22, 2015, 1:26 PM
Apple Finally Updates 15" MacBook Pro w/ Force Touch; 5K iMac Gets Price Cut
May 20, 2015, 1:45 PM
LG G4's International Rollout Begins; Pint-Sized G4c, High-End G4 Stylus Trot Out
May 19, 2015, 12:54 AM
President Obama Posts His First "Personal" Tweet to Twitter Via an iPhone
May 18, 2015, 4:38 PM
Microsoft Bricks the Xbox Ones of Gears of War Testers Responsible for Leaks
May 14, 2015, 5:26 PM
Windows 10 Mobile Build 10080 is Available for New Phones, Brings Office Preview
May 14, 2015, 2:53 PM
Most Popular Articles
America's Largest Cable Company, Comcast, Sees Internet Subscriptions Pass TV
May 4, 2015, 2:46 PM
Can id Software's Doom Find Its Way Out of a 7+ Year Development Hell?
May 19, 2015, 7:38 PM
Oculus Rift Confirms "Pause" in OS X, Linux Development, Some Devs are Mad
May 18, 2015, 11:36 PM
The Pirate Bay Loses Its Iconic Swedish Dot SE Domains
May 20, 2015, 6:31 PM
In-Depth: Apple's ~$1B Court Victory Over Samsung to be Cut up to a Third
May 18, 2015, 9:20 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 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information