By Colin Kellaher

Corning Inc. on Monday said it will buy back part Samsung Display Co.'s stake in the company as part of an agreement that extends its relationship with the Samsung Electronics Co. unit into 2028.

Corning said Samsung Display will convert the preferred shares it received in connection with Corning's 2014 acquisition of full ownership of their Samsung Corning Precision Materials Co. venture into 115 million common shares, or a roughly 13% stake.

The Corning, N.Y., maker of specialty glass said it plans to buy back 35 million of those shares this month, reducing Samsung Display's stake to about 9% and Corning's fully diluted share count by about 4%.

Corning said Samsung Display will then maintain its stake until at least 2028.

Corning said the transaction eliminates the preferred held by Samsung, improves its capital structure and reduces its aggregate dividend commitment.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 05, 2021 08:31 ET (12:31 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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