OLEDWorks LLC of Rochester, New York USA, an OLED light engine and panel producer, reported that it agreed to purchase selected parts of Royal Philips’ OLED light source components business. Philips is in the process of establishing a new legal entity and transferring key parts of its OLED business, including the production facility in Aachen, Germany, and relevant intellectual property, into it. Subsequently, the new entity will sell some of its shares to OLEDWorks LLC. Once the new company has been established, Philips will grant OLEDWorks a license to produce and distribute its OLED light source components under the Philips brand. Philips will remain a distributor of the OLED panels through its OEM sales channels.
“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.”
David DeJoy, CEO OLEDWorks stated, “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.”