Corning shares jump on LCD glass deal with Samsung

Oct 22, 2013

Corning Inc. on Tuesday announced a tie-up with a Samsung Electronics subsidiary that will boost the glass maker's earnings immediately and guarantees that it will supply Samsung with liquid crystal display glass through 2023.

Corning will acquire the South Korean company's 43 percent stake in an LCD glass joint venture in Korea and buy out other .

Samsung Display will receive $1.9 billion worth of Corning preferred shares. It will also invest another $400 million in preferred shares of Corning. If converted, the shares would give Samsung Display a 7.4 percent stake in Corning.

The transactions are expected to close in the first quarter of 2014.

Shares of the Corning, N.Y.-based company rose 23 percent to $18.86 in after-hours trading.

Explore further: Ticketfly buying WillCall for on-premise data

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Corning's 3Q profit rises 3 percent

Oct 26, 2011

(AP) -- Specialty glass maker Corning Inc. said Wednesday its profit rose 3 percent in the third quarter, lifted by surging sales of glass for flat-panel televisions and optical fiber.

Google invests in Glass chipmaker Himax

Jul 22, 2013

Google Inc. is investing in a Taiwanese microchip maker that makes chips used in its Google Glass, the eyeglass-enabled devices it is testing that can shoot photos and video and access the Internet.

'Gorilla Glass' maker looks beyond smartphones

Jan 11, 2013

Corning, which played a key role in the smartphone revolution with its robust "Gorilla Glass," is looking beyond the small screen with an upgraded version which promises to be even tougher.

Corning profit rises in 3Q, but misses view

Nov 01, 2010

(AP) -- Corning Inc. said Monday its profit jumped 22 percent in the third quarter but it missed Wall Street expectations on lower sales of glass for flat-panel televisions.

Samsung set to buy 3% stake in Sharp: report

Mar 05, 2013

South Korean electronics giant Samsung is set to buy a three-percent stake in struggling Japanese rival Sharp via a capital increase, a press report said Tuesday, a deal that would give Samsung greater access ...

Recommended for you

Ticketfly buying WillCall for on-premise data

21 hours ago

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

Aug 20, 2014

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

Aug 20, 2014

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

Aug 20, 2014

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0