Solvay Acquires Bankrupt Plextronics for $32.6 Million

Toward its goal of expanding further into printed electronics markets, Solvay has acquired U.S.-based Plextronics.

The purchase price was not disclosed, but the Belgian chemical company earlier was said to have offered $32.6 million for all shares of the Pittsburgh, Pennsylvania-headquartered company, which filed for bankruptcy protection in January of this year.

Solvay reportedly held 47% in Plextronics, after taking an initial stake in 2007 as part of an effort to bolster its electronics franchise. In 2010, it acquired a minority stake in another printed electronics firm.

The U.S. company's technology uses stacked layers of organic compounds that emit light when submitted to an electric current and is said to boost luminance efficiency and ultimately enables bendable displays as it reduces their thickness and weight.

Along with bolstering its knowhow for light-emitting diodes (OLEDs), the latest buy will enable the Belgian company to create a development platform in Asia. Solvay is also establishing a new electronics laboratory at its research center at Ewha Woman's University in Seoul City / South Korea to speed up joint development activities with customers.