Rochester, NY, April 29, 2015 --(PR.com
)-- 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.”
About OLEDWorks LLC
OLEDWorks is a leader in the development and production of affordable and innovative organic light-emitting diode lighting solutions. Founded in 2010, OLEDWorks has built its production methodology on a novel system that delivers competitive and cost-effective OLED solid state lighting panels, while simultaneously offering flexibility and responsiveness. OLEDWorks was founded by many of the original pioneers in the OLED industry, giving OLEDWorks the unique OLED production experience and insight into manufacturing strategies specifically tailored to lighting. OLEDWorks applies its more than 200 person years of collective industry experience in OLED technology to making the most advanced and cost effective solutions in OLED lighting.
Headquartered in Rochester, N.Y., where OLED was discovered, OLEDWorks is the only U.S.-based OLED light engine and panel manufacturer, and has become the dependable domestic source for OLED lighting solutions. For more information, visit www.OLEDWorks.com.