Merck announced that it has bought Avecia's OLED materials polymer electronics businesses, for €50 million in cash. The transaction 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 €8 million in 2004. It was formed in 1999 by Avecia and Aventis Research & Technologies and was fully acquired by Avecia in 2002.