In the coming months, Philips will establish a new company and transfer the core of its OLED business, including production equipment and related intellectual property in Aachen, Germany. All shares of the new company will be sold to OLEDWorks. Once the new company is established, OLEDWorks will receive a Philips brand license to sell its OLED light source device products under the Philips brand. David DeJoy, CEO of OLEDWorks, said: The acquisition of Philips OLED lighting technology, manufacturing and OEM sales channels can help us apply high-performance OLED light engines to a wider range of lighting panel products. Philips Lighting CEORicRondolat said: In order to follow the strategic focus of Philips, we decided to sell the OLED device business to a professional partner. In this way, we can focus our business and resources on developing innovative smart lighting systems.
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