Corning to buy out Samsung from LCD panel JV

Tuesday, 22 Oct 2013 | 4:35 PM ET

Oct 22 (Reuters) - Specialty glass maker Corning Inc said it would buy out Samsung Electronics Co Ltd's stake in their LCD panel joint venture, resulting in the South Korean company taking a 7.4 percent shareholding in Corning.

Corning shares rose about 20 percent in extended trading.

Samsung owns 43 percent of the joint venture, Samsung Corning Precision.

The deal includes a new LCD display glass supply agreement between Corning and Samsung through 2023.

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