This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Corning, Samsung Strengthen Strategic Relationship

NEW YORK (TheStreet) -- Corning (GLW) and Samsung's display manufacturing division have announce a new agreement giving Corning full control of their display manufacturing joint venture.

Corning stock gained 13.1% $17.36 on the news.

According to last night's announcement Corning will assume full ownership of Samsung Corning Precision Materials (SCP) which manufacturers LCD glass in Korea. Samsung Display had owned 43% of that joint venture.

In exchange, Samsung Display will receive $1.9 billion in preferred shares from Corning. When and if converted the deal will give Samsung slightly more than 7% ownership in Corning. To ease competitors' possible fears the two companies set a limit to Samsung's investment. According to the official press release:

"Effective upon closing, a shareholder agreement between Corning and Samsung will limit Samsung's ownership to no more than 9% of Corning's common shares on an as-converted basis."

As another part of the overall deal Corning has agreed to continue supplying Samsung with high-quality smartphone, tablet and computer displays for the next ten years, until 2023.

Corning displays are best known to the public as "Gorilla Glass". The super-durable design is used in mobile products manufactured by numerous companies including Apple (AAPL), Google's (GOOG) Motorola division and HTC.

Samsung and Corning say they're also looking forward to "a strengthening of the two companies' technology collaborations on strategic product development and commercialization initiatives".

Written by Gary Krakow in New York.

To submit a news tip, send an email to tips@thestreet.com.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,069.10 -10.47 -0.06%
S&P 500 2,000.54 +3.80 0.19%
NASDAQ 4,573.7710 +16.0760 0.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs