Samsung Display has acquired German display startup Cynora
for about $300 million for advanced technology for foldable smartphone screens.
Highlight
- Samsung Display has acquired German display startup Cynora GmbH for about $300 million to advance technology.
- Samsung will dominate the market with a 75 percent market share until 2023.
- Samsung Display could not be reached for a comment on the deal.
Seoul: Samsung Display has bought German display startup Cynora for about $300 million for advanced technology for foldable smartphone screens. This information was given in a report on Wednesday. The South Korean firm bought Cynora “intellectual property and technology” on an organic light-emitting diode (OLED) panel used in foldable smartphones. News agency Yonhap quoted Bloomberg as saying that Synora employees were not involved in the deal.
According to Kim Sung-koo, Samsung’s vice president of mobile business, Samsung has worked to make its foldable smartphone series “another main pillar next to the Galaxy S series within our business”.
“We are currently preparing for a new foldable model scheduled for launch in the second half,” Kim said during an earnings conference call in April. (Also read: 47th meeting of GST Council: Curd, Paneer, Hotel, Bank facilities will be expensive)
Samsung is expected to launch its new foldable series in August, as well as speculation about Apple entering the foldable market in the coming years.
According to industry tracker Counterpoint Research, Samsung will dominate the market with 75 percent market share by 2023. Samsung Display could not be reached for comment on the deal.
