Material | September 26, 2007
Sumitomo completes acquisition<br>of Cambridge Display
Sumitomo Chemical has completed its acquisition of Cambridge Display Technolog, with a purchase price of approximately US$ 285 million.
On July 31, 2007, Sumitomo Chemical and CDT 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 held on September 19 in the US. 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.