OLEDWorks Acquires Assets, German Factory from Philips
ROCHESTER, N.Y., Nov. 3, 2015 — Light engine and panel manufacturer OLEDWorks LLC has completed its acquisition of key organic LED (OLED) assets and intellectual property from diversified technology company Royal Philips. Terms of the deal were not disclosed.
Manufacturing will continue in Philips' existing facility in Aachen, Germany, with the establishment of OLEDWorks GmbH.
"With the change of ownership of our OLED components development and production business, Philips Lighting has completed another piece of its strategy to focus on lighting products, systems and services," said Mahesh Iyer, CEO of Philips Business Group, LED. "We strongly believe that with this activity under the ownership of OLEDWorks LLC, they will continue to be a leading player in this emerging market and a highly valued supplier to Philips Lighting."
The acquisition will give OLEDWorks access to Philips' OEM sales channels and broadens its ability to provide OLED light engines and panels for a range of lighting applications, OLEDWorks Chairman David DeJoy said in April when the deal was first announced.
"In pursuance of our strategic focus, we have decided to divest our OLED components development and production to a specialized partner," DeJoy said. "This will enable us to focus our business and resources on developing innovative connected lighting systems and services for professional and consumer markets."
For more information, visit www.oledworks.com.
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