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Friday, 25 October 2013 11:37

Samsung cleans up in Corning deal

Written by Nick Farrell

Billions into the bank

Samsung Electronics expects an additional $1.4 billion payment from Corning after the US outfit bought the South Korean firm's display unit out of an LCD glass venture.

Robert Yi, head of Samsung Electronics investor relations, told analysts that on top of the already announced detail that Corning will buy out Samsung Display's stake in the glass venture, he added that the company will return a big chunk of dosh to shareholders. He said that a dividend, estimated at $1.4 billion will be given back, which might mean some nice Christmas presents for those who have Samsung shares.

Corning said it would buy out Samsung Display's stake in their LCD glass joint venture in a deal that could see Samsung Electronics subsidiary take a 7.4 percent share in the Gorilla Glass maker. The deal includes a new 10-year LCD display glass supply agreement between Corning and Samsung Display that will add about $2 billion to Corning's annual sales.

Nick Farrell

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