Corning has been at the forefront of glass technology for over a century, but recently they’ve become known as the maker of the very tough and flexible glass that protects your smartphone screen. Now, Samsung is going to own 7.4% of the company, and the two have signed deals that should assure the Korean phone maker has supplies to suit its many mobile devices.
Corning is actually buying out the remaining 43% stake Samsung has in the two companies’ joint venture Samsung Corning Precision Materials Co., which Reuters says produces glass critical to Samsung’s LCD production. This move gives Corning more control over a process that is critical in supplying smartphone and tablet screens. Samsung, in return, is buying convertible shares of Corning worth about $2 billion and is also making a $400 million investment in the glass maker.