Corning Incorporated (NYSE:GLW) has recently signed a deal with OLED lighting company, OLED Works. The deal could turn out to be a game changer in home lighting services. Corning has been the leading manufacturer of various materials for consumer and industrial purposes. With a market capital of $30.52 billion, the company exceeds the industry average of $2.2 billion.
Corning is known to pay special attention to research and development in the industry. This has particularly helped the company come up with new and innovative products, as per the consumer needs. This would also indicate that the same could be done with the OLED technology and the hinted lighting service is just the first step.
Currently, the most common type of lighting systems makes use of LEDs, which are highly efficient, have long lives and great light output. The only drawback is that they producers of directional light. The light is never evenly distributed, which can sometimes create problems for the consumers. OLED, however, is flexible and can be used in panels in different ways, it can even be kept transparent, when off. Additionally, OLED has the capability to provide smooth and even lighting, instead of focusing the entire beam where they face.
Corning, now plans to integrate its Corning Willow glass as a substrate to the OLED. This would help the OLED lights to gain structural stability and also keep clear of elements like dust and oxygen, which OLED is sensitive to. The company has even claimed that these light panels would provide twice the light output compare to traditional OLEDs.
However, there is another company that will be benefiting quite a lot from this deal. Universal Display had also signed a license agreement, about two months ago. As per the details of this agreement, OLEDWorks, will pay Universal Display a license fee and royalties on sales of the OLED lights.
Corning Incorporated (NYSE:GLW) closed at $22.07 after losing 1.39% on April 28. The company has 1.27 billion shares being traded in the market, with a 52-week range of $17.03-$25.16.
