SEOUL: Samsung Display Co. and Corning Inc. plan to set up a venture in China that will spend as much as $600 million on a factory to make glass substrates for liquid- crystal displays.
The companies and the government of Wuxi New District signed a preliminary agreement to build a factory in Wuxi City, Corning said in a statement distributed on Business Wire yesterday. The venture will be formed later this year pending a final agreement and regulatory approval, according to the statement.
The venture, building on an existing partnership between the two companies, will supply Asan, South Korea-based Samsung’s planned LCD factory in Suzhou. The South Korean company, the largest flat-screen maker, is partnering with TCL Corp. to build the plant based on so-called eighth-generation technology to tap demand in China.
Construction of the glass-substrate factory will begin this year and production is expected to start at the end of 2013, according to the statement.
Samsung Display was created this year as Samsung Electronics Co. spun off its flat-panel making business. (Bloomberg/msw)
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