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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.

 

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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 SOURCES:Techspot.com

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