Following a successful collaboration that spanned over the course of the last 7 years, Samsung Display and Corning have announced that they’ll be inking another partnership for the next 7 years. As part of the new collaboration, Samsung Display will maintain its ownership stake in Corning until 2028 at the least, and the company will convert all of its preferred shares into 115 million common shares.
Meanwhile, 35 million of Samsung Display’s common shares will be repurchased by Corning, giving Samsung Display an ownership stake of around 9%. This transaction is expected to immediately increase Corning’s EPS (Earnings Per Share). The initial transaction is said to conclude later this month.
The collaboration for foldable displays and other solutions continues
From the early days of CRT, to LCD, to more recent collaborations on OLED, QD Display, and flexible displays, we’re proud to be the key material innovation partner to Samsung, claimed Corning chairman and CEO Wendell P. Weeks. And indeed, Corning and Samsung have been working on a wide variety of products including UTG (Ultra-Thin Glass) for foldable devices.
Samsung Display has been a Corning investor since 2014. The two companies have signed on a series of strategic and financial agreements that led to Corning gaining full ownership of Samsung Corning Precision Materials, the same company that was reportedly looking to sell is LCD production plant in Asan last year due to low production.