Solvay has completed the acquisition of U.S.-based Plextronics Inc. to bolster its Organic Light Emitting Diodes (OLED) electronic display technology and launch a newdevelopment platform with a strong Asian foothold.
With Plextronics, Solvay is expanding its know-how in emerging applications such as OLED TV screens, OLED lighting and in lithium-ion batteries. OLED technology uses stacked layers of organic compounds that emit light when submitted to an electric current. It boosts luminance efficiency and ultimately enables bendable displays as it reduces their thickness and weight.
As part of its expansion into the rapidly-growing OLED market, Solvay is setting up a new electronics laboratory at its research center at Ewha Woman's University in Seoul City, South Korea. The lab will bring its advanced solutions closer to market and speed up joint development activities with customers as well as with existing and potential partners.
"The acquisition of Plextronics is an important milestone in growing our OLED capabilities," said Bill Chen, General Manager of Solvay OLED incubator. "Solvay's own OLED know-how will be reinforced thanks to Plextronics' complementary technologies and dedicated staff. With the creation of the Solvay OLED Incubator, we aim to evolve into a new business and strengthen our presence in Asia, mainly in South Korea."
The completion of the transaction comes two weeks after the U.S. bankruptcy court in Delaware approved Solvay's offer for Plextronics, a startup that was founded in 2002. Solvay has been a longtime investor in the Pittsburgh, Pennsylvania-based company.