Samsung acquires 7.1% stake in Corning

Gorilla Glass

Corning is renowned world over as the manufacturer of the highly acclaimed Gorilla Glass panels which are used in almost every modern smartphones. These glass panels are known for their durability and toughness, so the name Gorilla Glass is synonymous with a rugged smartphone. And today, Samsung has inked a deal with Corning by acquiring a 7.1% stake in the company for an equivalent of $1.9 billion. Samsung previously owned a 43% stake in the Samsung Corning Precision Materials Co. Ltd which has now come under Corning’s control. The two companies have also signed a ten year agreement deal which will bring in revenue worth over $2 billion to Corning.

Samsung will reportedly subscribe to convertible preferred shares worth over $400 million in the near future. Apart from strengthening the relationship between the two companies, this move could cause concern for other smartphone manufacturers like Apple, LG, HTC etc who already rely on Samsung for one component or the other. We’re not sure if this will increase the implementation of Gorilla Glass on Samsung’s smartphones, as it is being widely used already.

Source: Corning

Via: Engadget

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