OLEDWorks LLC has completed the acquisition of parts of Philips’ OLED light source components business.
Back in April 2015, Royal Philips and OLEDWorks LLC announced the start of OLEDWorks’ acquisition of the key assets and intellectual property of Philips’ OLED light source components business. The acquisition process is now complete.
OLEDWorks LLC will become OLEDWorks Gmbh. The new company will continue manufacturing in the existing facility in Aachen, Germany. OLEDWorks says that the synergy between the two groups provides a foundation for quickly expanding Philips Lumiblade and other OLED products that will now be in its portfolio.
“OLEDWorks is dedicated to developing technology partnerships that emphasize our commitment to producing low cost, high performance, leading edge OLED solutions for integration into lighting products,” said OLEDWorks board chairman, David DeJoy. “We are confident this strategic acquisition will enable the continued development of OLEDWorks’ innovative technology to meet the unique needs of our customers.”