PITTSBURGH & EWING, N.J.,--(BUSINESS WIRE)--
PPG
(NYSE:PPG) and Universal
Display Corporation (Nasdaq:OLED) today announced that Universal
Display will invest $15 million in PPG’s Barberton, Ohio, manufacturing
facility to double commercial production capacity for Universal
Display’s proprietary UniversalPHOLED® phosphorescent emitter
products. The expansion project, which will add more than 20 positions
at the facility, is scheduled to be completed in the third quarter 2017.
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Universal Display Corporation is a leading supplier of phosphorescent
organic light-emitting diode (OLED) materials, which are used to produce
high-performance, thin, energy-efficient displays for personal
electronics (televisions, smartphones and tablets) and solid-state
lighting applications. PPG is the exclusive manufacturer for Universal
Display of UniversalPHOLED emitter materials that enable the
development of low-power and eco-friendly displays and lighting.
PPG and Universal Display opened an OLED materials production facility
at PPG’s Barberton, Ohio, plant in 2013. The site, which PPG owns and
operates, provides the two companies with resources to meet the growing
OLED needs of customers in the display and lighting industries.
“We are proud of the continued growth of this world-class production
facility for OLED materials,” said Viktor Sekmakas, PPG executive vice
president. “This expansion furthers our partnership with Universal
Display, our commitment to the ongoing development of this important
technology, and our capability to meet customers’ increasing demand for
energy-efficient displays and lighting devices.”
Steven V. Abramson, president and chief executive officer of Universal
Display Corporation, said, “We believe the OLED industry is entering an
exciting multiyear capital expenditure cycle. With the anticipated
robust rise of high-volume OLED display manufacturing capacity in the
coming years, we expect this latest investment will help meet our
customers’ increasing needs for our high-quality, state-of-the-art
PHOLED materials. The Barberton expansion reflects strong demand for
Universal Display’s innovative, high-performance phosphorescent
materials and PPG’s best-in-class manufacturing expertise. Together, we
have built an excellent operation to develop and efficiently
commercialize leading-edge, next-generation red, green, yellow and blue
emitters, and to foster the continued growth of the OLED display and
lighting markets.”
In 2000, PPG established a strategic relationship with Universal Display
for the commercialization and production of UniversalPHOLED
materials. The Barberton plant, which PPG opened in 1900 and which
currently employs more than 150 people, also produces: specialty
materials such as optical casting resins used for eyewear applications;
TESLIN® substrate, which is used in applications such as security and
loyalty cards, electronic passports and specialized labels; and design
silica products used in the manufacture of paints, tires and reinforced
rubber products.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in developing
and delivering state-of-the-art, organic light-emitting diode (OLED)
technologies, materials and services to the display and lighting
industries. Founded in 1994, the Company currently owns or has
exclusive, co-exclusive or sole license rights with respect to more than
4,200 issued and pending patents worldwide. Universal Display licenses
its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED®
phosphorescent OLED technology that can enable the development of
low-power and eco-friendly displays and lighting. The Company also
develops and offers high-quality, state-of-the-art UniversalPHOLED
materials that are recognized as key ingredients in the fabrication of
OLEDs with peak performance. In addition, Universal Display delivers
innovative and customized solutions to its clients and partners through
technology transfer, collaborative technology development and on-site
training.
Based in Ewing, New Jersey, with international offices in China, Hong
Kong, Ireland, Japan, South Korea, and Taiwan, Universal Display works
and partners with a network of world-class organizations, including
Princeton University, the University of Southern California, the
University of Michigan, and PPG. The Company has also established
relationships with companies such as AU Optronics Corporation, BOE
Technology, DuPont Displays, Inc., Innolux Corporation, Kaneka
Corporation, Konica Minolta Technology Center, Inc., LG Display Co.,
Ltd., Lumiotec, Inc., OLEDWorks LLC, OSRAM, Pioneer Corporation, Samsung
Display Co., Ltd., Sumitomo Chemical Company, Ltd., Tianma
Micro-electronics Co., and Tohoku Pioneer Corporation. To learn more
about Universal Display, please visit http://www.oled.com.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints,
coatings and materials that our customers have trusted for more than 130
years. Through dedication and creativity, we solve our customers’
biggest challenges, collaborating closely to find the right path
forward. With headquarters in Pittsburgh, we operate and innovate in
more than 70 countries and reported net sales of $14.8 billion in 2016.
We serve customers in construction, consumer products, industrial and
transportation markets and aftermarkets. To learn more, visit www.ppg.com.
Forward-Looking Statements
Statements in this news release relating to matters that are not
historical facts are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 reflecting the
companies’ current views with respect to future events or objectives and
future financial or operational performance or results. The
forward-looking statements contained herein include statements relating
to the timing and expected benefits of the Barberton, Ohio, plant
expansion, the anticipated growth of OLED display manufacturing capacity
and demand, and the future of the OLED market. Actual events may differ
materially from current expectations and are subject to a number of
risks and uncertainties, including a delay in the completion of the
plant expansion, Universal Display Corporation’s technologies and
potential applications of those technologies, the actions of third-party
OLED display manufacturers, the growth of the OLED market and Universal
Display Corporation’s and PPG Industries’ opportunities in that market,
and the other risks and uncertainties discussed in both companies’
periodic reports on Form 10-K and Form 10-Q and their current reports on
Form 8-K filed with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of their initial
issuance, and Universal Display Corporation and PPG Industries do not
undertake any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information,
future events or otherwise.
We protect and beautify the world is a trademark and the PPG
Logo and Teslin are registered trademarks of PPG Industries
Ohio, Inc.
Universal Display Corporation and UniversalPHOLED are trademarks
or registered trademarks of Universal Display Corporation.
All other company, brand or product names may be trademarks or
registered trademarks.
(OLED-C)
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Source: PPG and Universal Display Corporation