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Samsung Acquires 7.4 Percent Shares of Corning, Maker of Gorilla Glass

By Marvin R. Velasco & James Lu - on 24 Oct 2013, 12:51pm

Samsung Acquires 7.4 Percent Shares of Corning, Maker of Gorilla Glass

Samsung has acquired US$ 2 billion worth of shares in Gorilla Glass manufacturers Corning, roughly a 7.4 percent stake in the company, in exchange for Corning taking full control of their joint company, Samsung Corning Precision Materials Co. Ltd, which is currently 43 percent owned by Samsung. Samsung will also be making a US$ 40 million investment in the tough glass makers.

The agreement also involves a long term deal that will see Samsung Display supplied by Corning through 2023.

Corning's Gorilla Glass is used in many high-end smartphones and tablets, including those made by Samsung, LG, Nokia, HTC, and Motorola.

Source: Engadget