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A press release went out yesterday saying Samsung Display has acquired a 7.4% stake in the organization in return for giving Corning full charge of the Samsung Corning Precision Materials partnership. Corning also stated the two companies have joined right into a "new lengthy-term Liquid crystal display glass supply agreement" which will last through 2023.


Corning's Gorilla Glass is an essential component of numerous mobile phones because it provides both lightweight and sturdiness that producers search for once they build flagship products.


CORNING, N.Y., October 22, 2013 - Corning Incorporated (NYSE: GLW) announced today that it is entering into a series of strategic and financial agreements with Samsung Display Co., Ltd., intended to strengthen product and technology collaborations between the two companies. These agreements will allow Corning to extend its leadership in specialty glass and drive earnings growth. Corning expects the transactions to close in the first quarter of 2014.


The series of transactions, subject to closing conditions being met, will result in:


  • Corning obtaining full ownership of Samsung Corning Precision Materials Co., Ltd. (SCP), an unconsolidated equity venture with Samsung Display that manufactures LCD glass in Korea. Samsung Display currently owns 43% of SCP.

  • After redemption of their interest in SCP, Samsung Display's investment in new convertible preferred shares of Corning with an aggregate face amount of $1.9 billion.

  • Corning's acquisition of the other shareholders' minority interests in SCP for an expected proportional cash payment.

  • Samsung Display's additional $400 million investment in Corning by subscribing to new convertible preferred shares.

  • Using Corning's current share count, Samsung Display's combined investment in Corning would result in approximately 7.4% ownership on an as-converted basis.

 


 

Corning, the company behind the popular Gorilla Glass on most of the phone screens, will be showcasing it's latest generation of Gorilla Glass, version 3.  According to Engadget, the glass is now three times more scratch resistant than the previous generation, and 40 percent fewer scratches will be visible to the human eye.


Corning plans to introduce two new products at CES 2013 next week, the new glass composition with durability enhancements, and Optical Cables by Corning, fiber-based, device-to-device connectivity solutions that significantly extend the data transmission range past the limits of copper-based cables.  See below for the Press Release.


Press Release:


CORNING, N.Y. , January 3, 2013 - Corning Incorporated (NYSE: GLW) today announced its plans for the International Consumer Electronics Show (CES) in Las Vegas next week. The Corning booth, #14813 Central Hall, will highlight the company's newest specialty glass solutions and their benefits for today's consumer electronics device trends.

 

Corning plans to introduce two new products at CES 2013: Corning® Gorilla® Glass 3, a new glass composition with durability enhancements; and Optical Cables by Corning, fiber-based, device-to-device connectivity solutions that significantly extend the data transmission range past the limits of copper-based cables. Full product details will be included in announcements planned for Monday, Jan. 7.

 

"This year at CES, Corning will demonstrate its industry leadership in specialty glass and fiber optic technologies with the introduction of two products designed to enhance and extend the capabilities of consumers' favorite devices," said Wendell P. Weeks, chairman, chief executive officer, and president. "These new innovations build on the increasingly important and continually evolving role of highly engineered glass technologies in delivering improved product performance and functionality through touch capabilities, protective cover glass, and device connectivity."

 

In the Corning booth, experts will be on hand to discuss and present hourly demonstrations of the toughness of Gorilla Glass 3 as well as the connectivity and flexibility of Optical Cables by Corning. The booth will also showcase the benefits of Corning Gorilla Glass in larger format, multi-touch displays for education, entertainment and other applications.

 

Additionally, James P. Clappin, president, Corning Glass Technologies will be a panelist in the "Disruptive Technologies Impacting the Future of Games and Video" session at 11a.m. PST on Tuesday, Jan. 8, at LVCC, North Hall N255-257. He will discuss the important role of highly specialized glass in some of the latest consumer electronic technologies such as hi-res, 3D, HD video, Internet-connected TVs, conformable displays, tablets and viral apps.

 

Forward-Looking and Cautionary Statements


This press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning's financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.

 

 

 


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