PITTSBURGH, Pa., and EWING, N.J., Feb. 6, 2017 – PPG (NYSE: PPG) and Universal Display Corporation (Nasdaq: OLED) today announced that Universal Display will invest $15 million in PPG’s Barberton, Ohio, manufacturing facility to double commercial production capacity for Universal Display’s proprietary UniversalPHOLED® phosphorescent emitter products. The expansion project, which will add more than 20 positions at the facility, is scheduled to be completed in the third quarter 2017.
Universal Display Corporation is a leading supplier of phosphorescent organic light-emitting diode (OLED) materials, which are used to produce high-performance, thin, energy-efficient displays for personal electronics (televisions, smartphones and tablets) and solid-state lighting applications. PPG is the exclusive manufacturer for Universal Display of UniversalPHOLED emitter materials that enable the development of low-power and eco-friendly displays and lighting.
PPG and Universal Display opened an OLED materials production facility at PPG’s Barberton, Ohio, plant in 2013. The site, which PPG owns and operates, provides the two companies with resources to meet the growing OLED needs of customers in the display and lighting industries.
“We are proud of the continued growth of this world-class production facility for OLED materials,” said Viktor Sekmakas, PPG executive vice president. “This expansion furthers our partnership with Universal Display, our commitment to the ongoing development of this important technology, and our capability to meet customers’ increasing demand for energy-efficient displays and lighting devices.”
Steven V. Abramson, president and chief executive officer of Universal Display Corporation, said, “We believe the OLED industry is entering an exciting multiyear capital expenditure cycle. With the anticipated robust rise of high-volume OLED display manufacturing capacity in the coming years, we expect this latest investment will help meet our customers’ increasing needs for our high-quality, state-of-the-art PHOLED materials. The Barberton expansion reflects strong demand for Universal Display’s innovative, high-performance phosphorescent materials and PPG’s best-in-class manufacturing expertise. Together, we have built an excellent operation to develop and efficiently commercialize leading-edge, next-generation red, green, yellow and blue emitters, and to foster the continued growth of the OLED display and lighting markets.”
In 2000, PPG established a strategic relationship with Universal Display for the commercialization and production of UniversalPHOLED materials. The Barberton plant, which PPG opened in 1900 and which currently employs more than 150 people, also produces: specialty materials such as optical casting resins used for eyewear applications; TESLIN® substrate, which is used in applications such as security and loyalty cards, electronic passports and specialized labels; and design silica products used in the manufacture of paints, tires and reinforced rubber products.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in developing and delivering state-of-the-art, organic light-emitting diode (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the Company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 4,200 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of low-power and eco-friendly displays and 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.
Based in Ewing, New Jersey, with international offices in China, Hong Kong, Ireland, Japan, South Korea, and Taiwan, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG. The Company has also established relationships with companies such as AU Optronics Corporation, BOE Technology, DuPont Displays, Inc., Innolux Corporation, Kaneka Corporation, Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks LLC, OSRAM, Pioneer Corporation, Samsung Display Co., Ltd., Sumitomo Chemical Company, Ltd., Tianma Micro-electronics Co., and Tohoku Pioneer Corporation. To learn more about Universal Display, please visit www.oled.com.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 130 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 $14.8 billion in 2016. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
Statements in this news release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 reflecting the companies’ current views with respect to future events or objectives and future financial or operational performance or results. The forward-looking statements contained herein include statements relating to the timing and expected benefits of the Barberton, Ohio, plant expansion, the anticipated growth of OLED display manufacturing capacity and demand, and the future of the OLED market. Actual events may differ materially from current expectations and are subject to a number of risks and uncertainties, including a delay in the completion of the plant expansion, Universal Display Corporation’s technologies and potential applications of those technologies, the actions of third-party OLED display manufacturers, the growth of the OLED market and Universal Display Corporation’s and PPG Industries’ opportunities in that market, and the other risks and uncertainties discussed in both companies’ periodic reports on Form 10-K and Form 10-Q and their current reports on Form 8-K filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of their initial issuance, and Universal Display Corporation and PPG Industries do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
We protect and beautify the world is a trademark and the PPG Logo and Teslin are registered trademarks of PPG Industries Ohio, Inc.
Universal Display Corporation and UniversalPHOLED are trademarks or registered trademarks of Universal Display Corporation.
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