OLED Material Manufacturing, PPG Announce Multi-Million-Euro Investment, up to 100 New Jobs in Shannon
July 22 2021 - 4:30AM
Business Wire
Universal Display Corporation (Nasdaq: OLED) and PPG (NYSE: PPG)
today announced that OLED Material Manufacturing Ltd. (OM2) and PPG
are embarking on a multi-million-euro capital investment that is
expected to create up to 100 high-tech jobs at a new Shannon
manufacturing site. The facility, which was announced in February
2021, will broaden the global footprint and increase the production
of Universal Display Corporation’s (UDC) energy-efficient,
high-performing UniversalPHOLED® materials to meet growing organic
light emitting diode (OLED) market demand and evolving industry
requirements.
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OLED Material Manufacturing Ltd. (OM2)
and PPG (NYSE: PPG) today announced that they are embarking on a
multi-million-euro capital investment that is expected to create up
to 100 high-tech jobs at a new Shannon manufacturing site. Pictured
at Government Buildings are (L-R) An Tánaiste and Minister for
Enterprise, Trade and Employment, Leo Varadkar TD; Martin Shanahan,
CEO, IDA Ireland; Austin McCabe, Director, OLED Material
Manufacturing Limited; and Gerry Cahill, PPG Plant Manager,
Shannon. Photo: Maxwell Photography.
The announcement was welcomed by Tánaiste and Minister for
Enterprise, Trade and Employment, Leo Varadkar TD, who said, “This
major announcement by OLED Material Manufacturing and PPG is a
welcome boost to the Mid-West region. It will make a significant
contribution to Shannon and the Irish economy in terms of job
creation, investment and innovation. Technology is one of the
fastest-growing sectors here in Ireland and globally, and I wish
the team continued success.”
Austin McCabe, Director, OLED Material Manufacturing Limited,
said, “Our manufacturing expansion in Ireland allows UDC to
strengthen its mission, which centers on enabling our customers and
fostering the proliferation of energy-efficient OLED display and
lighting applications in the consumer landscape. Leveraging UDC
Ireland’s presence, the site’s infrastructure and the Mid-West
region’s top-level talent, we are excited about the new Shannon
facility. Together with our long-term partner, PPG, this
multi-million-euro investment will expand the global manufacturing
footprint for UDC’s proprietary state-of-the-art phosphorescent
emissive materials to meet the substantial growth forecasted for
the OLED market.”
Gerry Cahill, PPG Plant Manager, Shannon, said, “This project
will bring a broad spectrum of jobs, a large number of which are
highly skilled, to the Mid-West region. PPG has been producing
high-performance OLED materials for UDC for the past 20 years. The
expansion into Ireland with the addition of the Shannon facility
shows confidence in not only the UDC-PPG partnership but also in
Ireland as a place in which to invest and do business. In this
regard, we are thankful for the support of the Irish Government
through IDA Ireland.”
Martin Shanahan, CEO, IDA Ireland, said, “This decision by OLED
Material Manufacturing and PPG to invest in Shannon demonstrates
the companies’ confidence in the availability of a skilled and
talented workforce in the Mid-West Region. This announcement is
further evidence of IDA Ireland’s continued commitment to winning
jobs and investment for regional locations. I wish OLED Material
Manufacturing and PPG every success as they progress with their
manufacturing site in Shannon.”
PPG is the longstanding partner and exclusive manufacturer of
UDC’s UniversalPHOLED emitter materials. OLED Material
Manufacturing Limited is a wholly-owned subsidiary of UDC Ireland
Ltd., which is a subsidiary of UDC. Facility renovations and
regulatory approvals at the Shannon site are expected to be
completed in the next 12 months so that operations can commence in
2022.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™ At PPG
(NYSE:PPG), we work every day to develop and deliver the paints,
coatings and specialty materials that our customers have trusted
for more than 135 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 75 countries and reported net
sales of $13.8 billion in 2020. We serve customers in construction,
consumer products, industrial and transportation markets and
aftermarkets. To learn more, visit www.ppg.com.
We protect and beautify the world is a trademark and the PPG
Logo is a registered trademark of PPG Industries Ohio, Inc.
Universal Display Corporation Universal Display
Corporation (Nasdaq: OLED) is a leader in the research, development
and commercialization of organic light emitting diode (OLED)
technologies and materials for use in display, solid-state lighting
applications with subsidiaries and offices around the world.
Founded in 1994, the Company currently owns, exclusively licenses
or has the sole right to sublicense more than 5,000 patents issued
and pending worldwide. Universal Display licenses its proprietary
technologies, including its breakthrough high-efficiency
UniversalPHOLED® phosphorescent OLED technology that can enable the
development of energy-efficient and eco-friendly displays and
solid-state 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. To learn more about Universal Display Corporation, please
visit https://oled.com/.
Universal Display Corporation and the Universal Display
Corporation logo are trademarks or registered trademarks of
Universal Display Corporation. All other company, brand or product
names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as
those relating to Universal Display Corporation’s and PPG’s
technologies and potential applications of those technologies, both
Companies’ expected results and future declaration of dividends,
the expected timing and benefits of the Shannon manufacturing site,
including the expected number of jobs created, as well as the
growth of the OLED market and the Company’s opportunities in that
market, are forward-looking financial statements within the meaning
of the Private Securities Litigation Reform Act of 1995. You are
cautioned not to place undue reliance on any forward-looking
statements in this document, as they reflect Universal Display
Corporation’s and PPG’s current views with respect to future events
and are subject to risks and uncertainties that could cause actual
results to differ materially from those contemplated. These risks
and uncertainties are discussed in greater detail in Universal
Display Corporation’s and PPG’s periodic reports on Form 10-K and
Form 10-Q filed with the Securities and Exchange Commission,
including, in particular, the sections entitled “Risk Factors” in
Universal Display Corporation’s and PPG’s Annual Reports on Form
10-K for the year ended December 31, 2020 and subsequent Quarterly
Reports on Form 10-Q. Universal Display Corporation and PPG each
disclaim any obligation to update any forward-looking statement
contained in this document.
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OLED Material Manufacturing Ltd Contact: Darice Liu
Senior Director investor@oled.com media@oled.com +1
609-964-5123
PPG Contacts: John Bruno Vice President, Investor
Relations jbruno@ppg.com +1 412-434-3466
Brande Juart Specialty Coatings and Materials juart@ppg.com +1
724-325-5203
AM O’Sullivan PR Ltd Contact: Ann-Marie O’Sullivan Chief
Executive annmarie@amosullivanpr.ie +353 (86) 8188163
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