Samsung Display Secures 7.4% Stake in Corning, Expands Gorilla Glass Partnership
October 23, 2013 10:19 AM
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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.
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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.
"Spreading the rumors, it's very easy because the people who write about Apple want that story, and you can claim its credible because you spoke to someone at Apple." -- Investment guru Jim Cramer
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