Samsung Acquires 7.4 Percent of Gorilla Glass Maker Corning

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.