Vertical Divider
Corning Extends Long Term Agreement with Samsung
Corning announced that it inked an extended long-term contract with Samsung Electronics’ subsidiary Samsung Display. As part of this new seven-year deal, Samsung Display will convert all its preference shares into 115 million common shares, of which 35 million common stock will be repurchased by Corning. This buyback will give Samsung Display a 9% ownership stake of 9%, which is equivalent to possessing 80 million common shares. Samsung has been an investor of Corning since 2014. The companies have worked together on multiple projects in the past in relation to OLED and flexible displays that laid the foundation for the previous seven-year agreement reached in 2014. This eventually led to Corning obtaining an absolute ownership of Samsung Corning Precision Materials, Co., Ltd., a joint venture with Samsung Display, which manufactures LCD glass in Korea. The acquisition enabled Corning to gain full control of its global fusion-glass manufacturing platform, thereby extending its leading position in the specialty glass market.
Corning announced that it inked an extended long-term contract with Samsung Electronics’ subsidiary Samsung Display. As part of this new seven-year deal, Samsung Display will convert all its preference shares into 115 million common shares, of which 35 million common stock will be repurchased by Corning. This buyback will give Samsung Display a 9% ownership stake of 9%, which is equivalent to possessing 80 million common shares. Samsung has been an investor of Corning since 2014. The companies have worked together on multiple projects in the past in relation to OLED and flexible displays that laid the foundation for the previous seven-year agreement reached in 2014. This eventually led to Corning obtaining an absolute ownership of Samsung Corning Precision Materials, Co., Ltd., a joint venture with Samsung Display, which manufactures LCD glass in Korea. The acquisition enabled Corning to gain full control of its global fusion-glass manufacturing platform, thereby extending its leading position in the specialty glass market.
Contact Us
|
Barry Young
|