J. & PITTSBURGH, Sep 27, 2011 (BUSINESS WIRE) -- Universal Display Corporation PANL +2.79% , enabling energy-efficient OLED displays and lighting with its UniversalPHOLED(R) technology and materials, and PPG Industries PPG +2.87% , the global leader in coatings and specialty materials, today announced that the companies have entered into a new organic light-emitting diode (OLED) materials supply and service agreement. Universal Display is the leading supplier of phosphorescent OLED materials to the rapidly growing OLED display and lighting industries. Under the new agreement, PPG will remain the exclusive manufacturer of Universal Display's proprietary phosphorescent OLED materials.
"PPG is committed to producing Universal Display Corporation's innovative, high-performance OLED materials to meet the growing marketplace," said Rick Elias, PPG senior vice president, optical products and specialty materials. "PPG is excited to build on the significant history that we have established with UDC. PPG has invested in the capabilities of our people and facilities, and we will strive to meet the future needs of this exciting and evolving industry. We look forward to delivering these innovative products while maintaining our cost effectiveness and high-quality manufacturing standards."
"We are extremely pleased to continue our strong supply partnership with PPG Industries, a world leading supplier of coatings and specialty products. For over a decade, our teams have worked very closely to produce our proprietary phosphorescent OLED materials to the highest of manufacturing and quality control standards," said Steven V. Abramson, President and Chief Executive Officer of Universal Display. "The entire team at PPG has done an excellent job to support Universal Display and the commercialization of its line of energy-efficient phosphorescent OLED products. Under the new agreement, we look forward to continuing to work closely with PPG to meet the high-volume needs of the growing OLED display and lighting industries with cost-effective, high-performance phosphorescent OLED materials."
The new agreement will replace Universal Display's current OLED Materials Supply and Service Agreement with PPG Industries. The term of the new agreement runs through December 31, 2014. The new agreement is substantially similar to the current agreement.
Universal Display is the recognized leader in high-performance, energy-efficient phosphorescent OLED technology and materials that offer up to four times the efficiency of conventional OLED technology. In 2000, Universal Display and PPG entered into a strategic relationship for the commercialization and production of Universal Display's proprietary PHOLED materials. With the introduction of the first commercial product using the company's PHOLED materials, Universal Display and PPG won the SID/Information Display Magazine 2003 Display Material or Component of the Year Gold Award. Today, PHOLED materials that have been invented by Universal Display and manufactured by PPG are sold by Universal Display to a number of global consumer electronics manufacturers and can be found in OLED displays in a variety of cell phones, multi-media players and other display devices in the market and are also a key component in a number of emerging OLED lighting products.
PPG: Bringing Innovation To The Surface.(TM)
PPG Industries' vision is to continue to be the world's leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in more than 60 countries around the world. Sales in 2010 were $13.4 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG). For more information, visit www.ppg.com .
About Universal Display Corporation
Universal Display Corporation PANL +2.79% is a leader in developing and delivering state-of-the-art, organic light emitting device (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 1,200 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED(R) phosphorescent OLED technology, that can enable the development of low power and eco-friendly displays and white 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, please visit www.universaldisplay.com .
Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation. Bringing innovation to the surface is a trademark of PPG Industries Ohio, Inc. 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 technologies and potential applications of those technologies, are forward-looking 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 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 periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled "Risk Factors" in Universal Display Corporation's annual report on Form 10-K for the year ended December 31, 2010 and quarterly report on Form 10-Q for the quarterly period ended March 31, 2011. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
SOURCE: Universal Display Corporation and PPG Industries