OLEDWorks Completes Purchase of Key Philips Assets
OLEDWorks LLC, the leading U.S. OLED light engine and panel manufacturing company, has completed the acquisition of key OLED assets and relevant intellectual property from Royal Philips. Manufacturing will continue in the existing facility in Aachen, Germany.
OLED lighting offers integrators an affordable solid-state lighting solution that is extremely thin, lightweight, and of pure light quality. OLEDWorks offers the Lumiblade line of OLED lighting. Philips’ Lumiblade OLED group fostered a complementary entrepreneurial OLED lighting innovation with the FL300 series platform, the brightest panel on the market. The synergy between the two groups provides a foundation for aggressively expanding the product portfolio.
“We are confident this strategic acquisition will enable the continued development of OLEDWorks’ innovative technology to meet the unique needs of our customers,” says OLEDWorks Board Chairman, David DeJoy.
“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,” says Mahesh Iyer, Philips CEO 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.”
