Darmstadt, Germany-based Merck is to acquire the OLED (organic light-emitting diodes) materials and polymer electronics businesses of Avecia for 50 million Euros.
The transaction, which is subject to regulatory approval and approval by E. Merck, is expected to be completed during the first quarter of 2005.
The acquisition includes Avecia’s displays business – Covion Organic Semiconductors in Frankfurt, Germany, a developer of OLED materials. It also includes Avecia’s polymer electronics research and development activities based in Manchester in the UK.
Both the Covion OLEDs and polymer electronics activities will be integrated into Merck’s Liquid Crystals Division. Approximately 100 employees in the two units will transfer to Merck upon completion of the sale.
This isn’t the first OLED purchase for the company. In December last year, Merck acquired the Lumitec OLED research and development project of Schott of Mainz, Germany.