Earlier this year Philips announced its intention to spin-off its OLED activity, and the company started searching for a buyer for its whole OLED business activity. Today it was announced that US-based OLEDWorks will buy the key parts of Philips OLED lighting business.
Philips will establish a new legal entity and transfer key parts of its OLED business, including the production facility located in Aachen, Germany, and relevant IP. This new entity will then be sold to OLEDWorks, which will be granted a license by Philips to market its OLED light source components under the Philips brand. Philips will remain a distributor of the panels through its OEM sales channels.