Corning shares jump on LCD glass deal with Samsung

October 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: Corning raises 2Q glass volume forecast again

Related Stories

Corning profit rises in 3Q, but misses view

November 1, 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.

Corning's 3Q profit rises 3 percent

October 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.

'Gorilla Glass' maker looks beyond smartphones

January 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.

Samsung set to buy 3% stake in Sharp: report

March 5, 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 to smartphone ...

Google invests in Glass chipmaker Himax

July 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.

Recommended for you

Drone market to hit $10 billion by 2024: experts

October 3, 2015

The market for military drones is expected to almost double by 2024 to beyond $10 billion (8.9 billion euros), according to a report published Friday by specialist defence publication IHS Jane's Intelligence Review.

Radio frequency 'harvesting' tech unveiled in UK

September 30, 2015

An energy harvesting technology that its developers say will be able to turn ambient radio frequency waves into usable electricity to charge low power devices was unveiled in London on Wednesday.

Professors say US has fallen behind on offshore wind power

September 29, 2015

University of Delaware faculty from the College of Earth, Ocean, and Environment (CEOE), the College of Engineering and the Alfred Lerner School of Business and Economics say that the U.S. has fallen behind in offshore wind ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.