OLEDWorks to Buy Parts of Philips’ OLED Light Business

OLEDWorks has reached an agreement with Philips to buy selected parts of its OLED light source component business. Financial details were not disclosed.

Philips will establish a new legal entity and transfer into it key parts of its OLED business, including the production facility located in Aachen, Germany, and relevant intellectual property. All shares of the new entity will subsequently be sold to OLEDWorks. 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.