Samsung Display Becomes 2nd Largest Shareholder of Corning Inc.

Samsung Display will become the second largest shareholder of Corning Inc. in the United States, the No. 1 global display glass market.

In 2013, Samsung Display bought convertible preferred shares of Corning in return for handing over its stake in Samsung Corning Precision Materials to Corning. When these convertible preferred shares are converted into ordinary shares, Samsung Display will have 115 million ordinary shares. Of them, Samsung Display will sell 35 million shares to Corning, facilitating Corning's purchase of its own shares. Samsung Display will eventually hold 80 million shares, which amount to a 9 percent stake. This will make the Korean company the second largest shareholder of Corning after Vanguard Group, a U.S. asset management company which has a 10.58 percent stake. Samsung Display’s stake sale to Corning will take place within April.

Samsung Display said that although it becomes a major shareholder of Corning, it has no intention of intervening in management of its long-term U.S. partner. The company stressed that it will continue a cooperative relationship with Corning that has been maintained for more than 50 years. The two companies agreed to extend their partnership for seven more years until 2028.