Starting with the CRT and LCD displays to the rising era of foldable panels, Samsung Display and Corning working together for more than 7 years, providing technical as well as business benefits to each other as a legacy.
However, it looks like both the company will be adding 7 more years to the partnership as Samsung will maintain an ownership stake in Corning until 2028 by converting all the preference shares into 115 million common shares.
Moreover, Corning will repurchase the 35 million common shares of Samsung Display to hand over its 9% ownership stake in order to increase the EPS (Earnings Per Share) of the company. Meanwhile, this deal will happen later this month.
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“From the early days of CRT to LCD, to more recent collaborations on OLED, QD Display, and flexible displays, we’re proud to be the key material innovation partner to Samsung”, said Corning chairman/CEO Wendell P. Weeks
Samsung and Corning have done many business deals in past as a partnership in which Samsung Display (Subsidiary of Samsung) has been an investor for Corning Since 2014. Both the companies have signed many financial agreements in the past couple of years that benefit Corning to have total control over Samsung Corning Precision Materials.
Besides, Corning supplies various protective glasses to Samsung that we see in its smartphones, which also a part of business for both firms. Meanwhile, Corning also supplies these glasses to other smartphone OEMs as it is known for making toughened glass in the name of ‘Corning Gorilla Glass.’
(Via)
