A couple of months ago we reported that printed electronics developer Plextronics filed for chapter 11 bankruptcy protection as they failed to find a buyer or an investor.
Today Solvay (an investor in Plextronics together with Samsung and Universal Display) announced that they acquired Plextronics. Solvay did not reveal the financial details but in January it was reported that Solvay offered $24 million to extinguish debt and $8.5 in cash to acquire the company.
As part of their expansion into the OLED market, Solvay will also setup a new electronics laboratory at its research center at Ewha Woman’s University in Seoul City, South Korea. Solvay hopes that the newly formed Solvay OLED Incubator will strengthen their presence in Asia and help them evolve into new businesses.
Plextronics was founded in 2002 as a spin-out from Carnegie Mellon University. In March 2011 we posted an interview with Plextronic's CEO, Andy Hannah. In July 2012 UDC and Plextronics signed a three-year strategic alliance to develop and commercialize soluble OLED material systems.