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Samsung Acquires 7.4 Percent of Gorilla Glass Maker Corning

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Samsung Acquires 7.4 Percent of Gorilla Glass Maker Corning

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Corning has taken full control of Samsung Corning Precision Materials Co. Ltd., which is a joint venture 43 percent owned by Samsung itself. In return, the Korean company will get $1.9 billion worth of shares in Corning, which if converted, would give it a 7.4 percent stake.

Both organisations have also agreed to a deal that will see Samsung Display supplied by Corning till 2023. The company’s Gorilla Glass is used in most of the high-end smartphones and tablets, which includes products made by Samsung, Apple and even HTC. This deal might create some unwanted heat from other companies who also uses Gorilla Glass.

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Preetish Gumber
Preetish Gumber
iGyaan's New Brain key, Conceptual thinker, Work horse, Photography lover and tech writer catch him on Google Plus : Google+
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