Speciality screen company Corning reportedly detailed plans to invest $1.5 billion in South Korea to increase supply of numerous products including bendable glass used by Samsung for its foldable smartphones, building on a long-standing partnership between the two companies.
Nikkei Asia reported the investment was announced by Corning CEO Wendell Weeks at an event marking 50 years since it built its first factory in the country in a joint venture with Samsung.
During the ceremony, Samsung chair Lee Jae-Yong praised Corning for helping it become a global company, with the technology giant now heavily reliant on the company’s ultra-thin glass technology for its foldable line.
Details of the investment were sparse, other than it will be used to boost production in Corning’s hub in the city of Asan located directly adjacent to a major Samsung display division facility.
It appears the cash will be earmarked to boost supply of ultra-thin, bendable glass as Samsung moves to make foldable smartphones a major part of its portfolio.
The vendor unveiled its next-generation line-up in July, promoting its new Galaxy Z Fold5 and Galaxy Z Flip 5 on upgrades to screens and hinges, claiming improvements in durability over predecessors.
Corning has more than 3,000 employees in South Korea.