Corning Inc and Samsung Electronic Co Ltd signed a memorandum of understanding with the Wuxi New District government in China to jointly build a $600 million facility to make TFT-LCD glass used in laptops and LCD monitors.
Another equity venture of Samsung and Corning, Samsung Corning Precision Materials Co Ltd, will be idling some of its LCD glass manufacturing capacity in Korea and shift some capacity to the new facility in China.
The new joint venture in China is expected to be formed later this year, pending a final signed agreement between Corning's Singapore unit and Samsung's display business, Corning said.
The venture extends a decades-long partnership between Samsung and Corning and will supply LCD glass substrates to Samsung Suzhou LCD Co Ltd in China.
(Reporting by Sayantani Ghosh in Bangalore; Editing by Sreejiraj Eluvangal)