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Samsung buys 7.4% stake in Corning

Posted on Wednesday, October 23 2013 @ 11:23:37 CEST by

Samsung logo
News hit the wire that Samsung has taken full control over Samsung Corning Precision Materials (SCP), a joint venture with Corning of which Samsung owned 43 percent. The South Korean electronics giant will get $1.9 billion worth of preferred shares in Corning, the manufacturer of Gorilla Glass. This amount to a 7.4 percent stake in the company. On top of this, both firms also closed a long-term LCD display glass supply agreement that lasts through 2023.
The U.S. company said the transaction, expected to close in the first quarter of 2014, would add about $350 million in annual profit before special items.

Corning's chief financial officer, James Flaws, said SCP was set up at a time when the world was more regional.

"What we're able to do here is take a land-locked asset which could only serve Korea, and also an asset which could only serve liquid crystal display technology, and instead transform it to be able to serve any market with any specific glass products," he said on a conference call with analysts.
Source: Reuters



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