Samsung Corning Precision Glass Co., a unit of Samsung Group that produces glass substrates for liquid crystal display panels, said 26 November 2007 that it has decided to merge with Samsung Corning C…
Samsung Corning Precision Glass Co., a unit of Samsung Group that produces glass substrates for liquid crystal display panels, said 26 November 2007 that it has decided to merge with Samsung Corning Co. in a bid to improve its competitivity in TV-screen markets. Samsung Corning Precision Glass was spun off in 2000 from CRT glass maker Samsung Corning Co., which was a joint venture formed by Samsung and Corning Co. of the US in the 1970s. The decision was made at a board meeting held on 26 November 2007. The merger will be carried out by a share swap between Samsung Corning Precision and Samsung Corning at a ratio of 1 to 0.0286915. The merged entity will be launched by the end of 2007, company officials said. The merger between the two Samsung units is interpreted by experts as a way of boosting competitiveness in TV screen markets where the global CRT sector is suffering lower sales.