Samsung Corning, Saint-Gobain-Vetrotex sign glass paste JV

Samsung Corning Co., a Korean producer of CRT glass, and Saint-Gobain-Vetrotex (SGV), the world“s largest glass fiber manufacturer, have agreed to set up a joint venture in South Korea to make glass …

Samsung Corning Co., a Korean producer of CRT glass, and Saint-Gobain-Vetrotex (SGV), the world“s largest glass fiber manufacturer, have agreed to set up a joint venture in South Korea to make glass paste for plasma display panels (PDPs), sources said 2 February 2004. They said the two firms will each invest KRW 42.5 billion (USD 36.30 million) in the venture. A Samsung official will become its chief executive officer while France-based SGV will provide the firm“s chief financial officer. Samsung Corning said the joint venture will be based in Cheongwon, North Chungcheong Province, about 90 km south of Seoul. No further details, including scheduling, were provided. Samsung Corning will spend about KRW 170 billion in 2004 to gain a slice of the PDP glass market, 90% of which is controlled by Japanese firms, including Asahi Glass, sources said.