Through a few preferred share swaps and additional financing,
is acquiring a stake in the maker of the thin and durable
. Corning issued a press release that the total investment will hit $1.9 billion after the interest in Samsung Corning Precision Materials joint venture is redeemed, plus $400 million in additional financing, for a total of 7.4% ownership in the company.
Corning’s shares have been on a meteoric rise recently, as everyone started using its glass, and there are even rumors circulated yesterday that
will have its two upcoming TV sets equipped with
display panels, and covered in Gorilla Glass 3, so Samsung is securing its long-term usage here, not to mention it might want to have dibs on the flexible
for bendy phones, too.
Long term in this
means ten years, until 2023, but Corning is also hoping to get access to some of Samsung’s know-how, to further improve on his products, too. Needless to say, Corning’s shares jumped almost 30% after hours when the news broke.
Corning and Samsung Strengthen Strategic CollaborationsCorning to acquire full ownership of SCP, enabling significant synergies
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