OLEDWorks to buy the key parts of Philips OLED light source
OLEDWorks LLC, the leading U.S. OLED light engine and panel manufacturing company, today announced that it reached an agreement with Royal Philips (NYSE: PHG; AEX: PHIA), the global leader in lighting, to buy selected parts of its OLED light source components business. Over the coming months, Philips will establish a new legal entity and transfer key parts of its OLED business, including the production facility located in Aachen, Germany, and relevant intellectual property, into it. All shares of the new entity will subsequently be sold to OLEDWorks LLC. Once the new company has been established, OLEDWorks will be granted a license by Philips to market its OLED light source components under the Philips brand. Philips will remain a distributor of the panels through its OEM sales channels.
“The acquisition of strategic elements of Philips OLED lighting technology, manufacturing and OEM sales channels significantly broadens our mission to deliver high performance OLED light engines to a wide range of lighting applications,” said David DeJoy, CEO OLEDWorks. “The team in Aachen brings OLED expertise in production of quality high brightness panels that complements the OLED heritage and manufacturing innovation of our Rochester team. With our new, expanded team, OLEDWorks will continue to introduce exciting and novel OLED lighting modules that enable, and inspire, innovative luminaire designs. Existing customers will realize continued reliability in performance, delivery and collaboration; new customers can develop differentiated final products with the same support.” “In pursuance of our strategic focus we have decided to divest our OLED components development and production to a specialized partner. This will enable us to focus our business and resources on developing innovative connected lighting systems and services for professional and consumer markets. We are very pleased that with OLEDWorks we have a strong and solid partner to take OLED lighting panel production to the next level,” said Eric Rondolat, CEO Philips Lighting. “Philips sees the merit of OLED as a light source for specific applications in its systems and services portfolio and will continue to apply OLEDWorks’ panels in its finished products.”