Sumitomo Chemical buys display-LED maker CDT

July 31, 2007 – Sumitomo Chemical Co. has agreed to acquire UK-based Cambridge Display Technology, a developer of polymer-organic LED (P-OLED) technologies seen as future LCD replacements in displays, for about $285 million in cash, nearly a 100% premium on CDT’s current stock price.

For CDT, the deal “will significantly enhance the prospects for P-OLED technology adoption,” said chairman/CEO David Fyfe in a statement, noting that the two already were closely aligned — Sumitomo was a licensee since 2001, and the two formed a 50-50 JV in 2005 to develop and manufacture P-OLED to CDT and its licensees.

Hiromasa Yonekura, president of Sumitomo Chemical, noted that his company has made display materials one of its strategically important business areas, which has included building a close relationship with CDT. “The complete integration of both companies’ technological and intellectual assets through this acquisition will make it possible to greatly accelerate development,” he stated.


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