Corning Inc and Samsung Mobile Display Co., Ltd. (SMD) have signed an agreement to establish a new equity venture for the manufacture of specialty glass substrates for the rapidly expanding organic light emitting diode (OLED) device market. The new business will be located in Korea.
Combining Corning's Lotus(TM) Glass substrate technology and Samsung Mobile Display's OLED display expertise, this new entity will be well-positioned to provide outstanding product solutions for current and future OLED technologies, from handheld and IT devices to large TVs and beyond.
The newly formed entity will supply OLED backplane glass substrates for Samsung Mobile Display, as well as for the broader Korean market.
Soo In Cho, Samsung Mobile Display's president and chief executive officer, said, “Samsung Mobile Display has led the global display industry by constantly seeking innovations and challenging current technologies' limits. We are confident that combining our business powers with Corning's technology leadership will deliver greater value to our clients.”
Wendell P. Weeks, Corning's chairman, chief executive officer, and president, said, “Corning and Samsung have a long and successful partnership in the display industry, dating back nearly 40 years to the early days of television.” Wendell added, “The strength of our business relationship is built on Corning's ability to develop and make high-technology glass with the key attributes that enable Samsung's next-generation displays. Together, we have led the evolution of displays -- from the high-growth years of CRT, to our current successful business supplying world-leading substrates for today's high-definition LCD TVs, and now to the launch of this important new venture to advance OLED technology.”