Corning to Buy Samsung's Stake from LCD Venture
Corning today announced that it has agreed to purchase Samsung's stake in an LCD joint venture the two companies have operated together since 1995. Samsung owns about 43% of Samsung Corning Precision Materials, which makes LCD panels for televisions, laptops, and mobile phones. Corning will also buy out the stakes owned by other minority holders to take full control of the joint venture. Under the terms of the agreement, Corning has agreed to supply Samsung with its glass LCD panels for a period of 10 years. Corning makes Gorilla Glass for mobile devices, which is resistant to breakage. The companies expect the deal to close during the first quarter of 2014.
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