The decision does not come as a surprise, as the New York based glass maker struck a deal with Samsung Display last year. It also acquired Samsung Corning Precision Materials, which was a joint venture between the two companies.
Corning believes "annual synergies" coming from the acquisition of Samsung Corning Precision Materials will be around $100 million a year, possibly even higher down the road. Samsung will get somewhat cheaper glass, Corning will cut operating expenses.
A for workers at its current facility in Shizouka, Japan, it appears that many of them will be out of a job in a year or so. Corning said it is reviewing options available to employees and it says it will treat the employees with "dignity and respect."