Universal Display Corporation and PPG to Expand Global Production of UniversalPHOLED Materials
February 25 2021 - 4:15PM
Business Wire
Universal Display Corporation (Nasdaq: OLED) and PPG (NYSE:PPG)
today announced that UDC Ireland Limited and PPG will jointly
establish a new manufacturing site in Shannon, Ireland, for the
production of UDC’s highly efficient, high-performing
UniversalPHOLED® materials. The new facility will be designed to
double the production capacity and diversify the manufacturing base
for UDC’s phosphorescent emitters to meet growing organic light
emitting diode (OLED) market demand and evolving industry
requirements.
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PPG is the exclusive manufacturer of UDC’s UniversalPHOLED
emitter materials, and the two companies recently celebrated their
20-year partnership.
UDC has leased the Ireland site with the right to purchase.
Until recently, the site was operating as a full-service, active
pharmaceutical intermediates manufacturing facility. It will be
adapted to manufacture PHOLED emitters and will be operated by PPG.
Facility improvements and regulatory approvals are expected to be
completed in the next 12 months, and operations are scheduled to
commence in early 2022.
“We are very pleased to continue to grow and broaden our strong
20-year relationship of producing high-performance OLED materials
for Universal Display,” said Michael H. McGarry, PPG Chairman and
Chief Executive Officer. “The addition of the Ireland facility
helps support the tremendous demand and growth for energy-efficient
displays and lighting devices and expands upon our established OLED
production facilities, which are located in Monroeville,
Pennsylvania, and Barberton, Ohio.”
“We are excited to expand the manufacturing footprint for our
proprietary state-of-the-art phosphorescent OLED materials with
PPG, our strong, long-term partner, as the next step in our
globalization strategy,” said Steven V. Abramson, Universal Display
Corporation President and Chief Executive Officer. “UDC’s mission
centers on enabling our customers and the proliferation of OLEDs in
the consumer electronics landscape. We are continuing to enlarge
our global presence, while also bolstering our localized
on-the-ground capabilities. Following the recent openings of our
PHOLED Application Centers in Korea and Hong Kong, our goal is to
establish additional local operations to support our customers.
Together with PPG’s best-in-class manufacturing expertise, this
investment commitment broadens our global capacity, strengthens our
business continuity safeguards and enables us to meet the
significant growth expected in the OLED industry.”
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 70 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.
About 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, 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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Universal Display Contact: Darice Liu investor@oled.com
media@oled.com +1 609-964-5123
PPG Contact: Brande Juart Specialty Coatings and
Materials juart@ppg.com +1 724-325-5203
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