Samsung Display & Corning sign a new 7-year deal, keeping them linked until 2028.
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| Samsung Display extends its partnership with Corning to 2028 |
Samsung Display has signed a new 7-year deal that’s to last till 2028 with Corning. The two companies have been working together for the past 7 years and has therefore decided to prolong their partnership for more 7 years.
Samsung Display will maintain its ownership stake and will also convert all of its preferred share into 115 million common shares.
On the other side, Samsung Display’s common shares of 35million will be repurchased by Corning.
This should increase Corning’s Earning Per Share immediately.
Their main focus at the moment are on foldable smartphones. Foldable smartphones presence have been expanding continuously, thanks to Samsung. Samsung Display and Corning will continuously push that technology forward.
The most foldable smartphones are released by Samsung and they hold most of the market of foldable smartphones. However, the company plans on expanding in 2021 with more several devices.
This partnership between Samsung Display and Corning has been mutually beneficial for the companies so it isn’t surprising they’ve decided to extend it.
The future looks bright for the both of them and we look forward to see what comes out of it in the next 7 years.
Edited by: Celine
