Merck KGaA Acquires Avecia's OLED and Polymer Electronics Units

Merck KGaA and Avecia of Manchester, U.K., announced today that Merck has acquired the OLED materials and the polymer electronics businesses of Avecia for EUR 50 million in cash. The transaction, which is subject to regulatory approval and approval by E. Merck OHG, is expected to be completed during the first quarter of 2005.
The acquisition includes Covion Organic Semiconductors GmbH in Frankfurt, Germany, a leader in the design, development and manufacture of high quality OLED materials. It also includes Avecia's polymer electronics research and development activities based in Manchester.
While Covion is mainly focused on developing future applications for OLEDs, it also manufactures OLED materials for commercial applications. Covion had sales of approximately EUR 8 million in 2004. It was formed in 1999 by Avecia and Aventis Research & Technologies and was fully acquired by Avecia in 2002. Covion's manufacturing and R&D operations are located in the Hoechst Industrial Park in Frankfurt.

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