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Samsung acquires 7.4 percent of Gorilla Glass maker Corning, signs long-term supply deal

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In a move that could raise eyebrows in the LCD business, Corning has taken full control of Samsung Corning Precision Materials Co. Ltd., a joint venture 43 percent owned by Samsung. In exchange, the Korean company will get $1.9 billion worth of preferred shares in Corning, which if converted, would give it a 7.4 percent stake. The pair have also agreed to a deal that will see Samsung Display supplied by Corning through 2023. That company's Gorilla Glass is used in most high-end smartphones and tablets, including those made by Samsung, Apple, HTC and Motorola. Since the Korean giant already supplies most of its competitors with LCD displays and other components, we can imagine some of them casting a wary eye on such a deal.

Via: Reuters
Source: Corning
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