Corning will invest $1.5 billion in South Korea to increase supply capacity for such products as ultrathin, bendable glass used in Samsung foldable smartphones.
Corning has been in South Korea for 50 years and has its production hub adjacent to a major Samsung display division facility. Corning initially supplied glass for TV picture tubes, but as the industry evolved to liquid crystal displays, the company continued to provide Samsung with glass. Corning purchased Samsung’s stake in their joint venture in 2014, making it a wholly-owned subsidiary.
Samsung turned to organic light-emitting diode (OLED) panels when competition from Chinese companies increased in LCDs. Corning supported Samsung when the company turned to organic light-emitting diode (OLED) panels by developing glass for the panels, and its ultrathin glass technology is now used for Samsung’s industry-leading foldable smartphones.