Samsung Display and Corning Incorporated have entered in a series of strategic collaborations that is intended to benefit both the companies in the long term. The first and foremost announcement is Corning acquiring full stake of Samsung Corning Precision Materials Co., Ltd. (SCP). SCP is a joint venture between Samsung Display and Corning where Samsung owns 43 percent stake and is responsible for manufacturing LCD glass in South Korea.
The buyout will be in the form of convertible preferred shares of Corning that is valued at $1.9 billion and Samsung will invest an additional $400 million, which on combining makes about 7.4 percent ownership in Corning.
Both companies have also signed up a new long-term LCD display glass supply agreement through 2023.
We are pleased to have an opportunity to strengthen the strategic ties between our two companies. 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.
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