Samsung becomes the biggest Corning shareholder while following a deal where the Gorilla Glass earns full control of joint venture Samsung Corning Precision Materials (SCP) in exchange of shares and display glass supply.
Formed in 1995 with Samsung Display, the SCP joint venture was 43% owned by Corning. In return Samsung gets 7.4% of Corning, as well as a 10-year LCD display glass supply agreement and the promise of further technological collaboration.
“We are pleased to have an opportunity to strengthen the strategic ties between our two companies,” Samsung Display CEO Kinam Kim says. “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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