Corning Completes Acquisition of Samsung Corning Precision Materials
Corning Inc. recently announced that it has completed the previously announced plan to obtain full ownership of Samsung Corning Precision Materials Co. Ltd. (SCP), formerly an unconsolidated equity venture with Samsung Display Co. Ltd., which manufactures LCD glass in Korea. In connection with the acquisition, Corning issued new convertible preferred shares to Samsung Display with an aggregate face amount of $1.9 billion. Samsung Display made an additional investment in Corning by purchasing another $400 million of the new convertible preferred shares.
This acquisition is expected to deliver important financial and strategic benefits to Corning. By gaining full control of its global fusion-glass manufacturing platform, the company can reportedly achieve greater flexibility in asset use, improved operational efficiencies, and better positioning for new specialty glass market opportunities.
“We are eager to move forward with this very exciting opportunity to extend Corning’s leadership in specialty glass, drive earnings growth, and continue to strengthen our collaboration with Samsung, one of the world leaders in consumer electronics,” said Wendell P. Weeks, chairman and CEO. “We consider Samsung’s investment in Corning to be a great vote of confidence.”
For additional information, visit www.corning.com.