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Samsung acquires 7.4% stake in Corning, secures 10-year deal

Samsung now owns 7.4% of Corning, secures itself a 10-year deal of Gorilla Glass (KRX:005930)

| Business, Financial & Legal News | Posted: Oct 24, 2013 5:33 am

The makers of Gorilla Glass have just signed an agreement with Samsung to see the South Korean electronics giant secure a 7.4% stake in the company. Corning and Samsung have been involved in each others worlds for the past 40 or so years through equity investments, product development and commercialization initiatives.

 

TweakTown image news/3/3/33547_06_samsung_acquires_7_4_stake_in_corning_secures_10_year_deal.jpg

 

The agreement will see Corning securing Samsung's 43% stake in their Samsung Corning Precision Materials joint venture for $1.9 billion, as well as minority investors for around $300 million. Samsung will slap down a $400 million investment in Corning, which would see them acquire 7.4% of the company at today's share prices.

 

We should expect the deal to close early next year, and will see the two sign a 10-year LCD display glass supply agreement that will add a hefty $2 billion to Corning's annual sales.

NEWS SOURCE
Techspot.com

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