Sumitomo Chemical completes acquisition of Cambridge Display Technology Inc.
Sumitomo Chemical announced that it has completed its acquisition of Cambridge Display Technology Inc. (CDT), with a purchase price of approximately US$ 285 million. On July 31, 2007, Sumitomo Chemical and CDT, a pioneer in the development of polymer organic light emitting diode (P-OLED) displays, announced an agreement in which CDT would become a wholly owned subsidiary of Sumitomo Chemical, and a resolution for the acquisition was approved by CDT's shareholders at a general shareholders' meeting.
Integrating the two companies' technological and business resources, Sumitomo Chemical will improve the performance of light-emitting materials and OLED display-related materials while accelerating the development of commercial technologies for the manufacture of OLED displays, serving its customers as a total solution provider to meet their diverse requirements from materials to processes. Moreover, Sumitomo Chemical will strive to realize the early commercialization of P-OLED displays, particularly large-screen, high-definition televisions.
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