Rohm and Haas Company Agrees to Acquire Kodak’s
Light Management Films Business
PHILADELPHIA & ROCHESTER, N.Y. (Business Wire EON/PRWEB ) April 19, 2007 --
Rohm and Haas Company (NYSE:ROH) and
Eastman Kodak Company (NYSE:EK) have
entered into an agreement for Rohm and Haas to acquire Kodak’s
Light Management Films business. The business produces advanced films
that improve the brightness and efficiency of liquid crystal displays
(LCD).
As part of the agreement, Rohm and Haas will acquire the intellectual
property (IP) associated with Kodak’s light
management films, including patent and trademarks, know-how, trade
secrets, the business’s portfolio of current
and future products, and a license to additional IP. The acquisition
also includes a semiworks facility in Rochester, New York, and the
supply of key raw materials. Following the close of the transaction,
Rohm and Haas will build a dedicated, high-volume manufacturing facility
in Asia. Start-up is planned for early 2008.
“Today’s
announcement is an exciting first step in building our Flat Panel
Display Technologies business,” said Dr. Yi
Hyon Paik, vice president and business group director, Rohm and Haas
Electronic Materials. “The addition of
advanced light management films complements our growing portfolio of
flat panel materials. Kodak has done a great job creating unique display
films and establishing an initial market position in Asia. The
technology pipeline is deep and well positioned to meet emerging display
requirements, especially in the fast-growing LCD TV market,”
Paik added.
Robert Cournoyer, general manager of Kodak’s
Light Management Films business, noted that the business is an excellent
fit with Rohm and Haas. “This is great news
for our customers and our people because it puts the business and its
capabilities in the hands of a company with a strong track record in the
electronic materials industry.”
Kodak, a world leader in imaging technology, has developed a family of
light management films used in a variety of applications. The first
adaptation of this technology for the flat panel industry uses millions
of individual lenses randomly arranged on a polycarbonate film. One of
several light management layers in a typical LCD application, this
unique film improves brightness, color consistency, and viewing angle
while reducing moire, an optical abnormality common in commercial films.
Dr. Pierre Brondeau, Rohm and Haas executive vice president and business
group executive, Electronic Materials and Specialty Materials, said that
the acquisition supports the company’s
strategy to grow its Electronic Materials franchise.
“In late 2006, Rohm and Haas launched its
Vision 2010 initiative, a targeted plan to accelerate growth, improve
profitability, and aggressively invest in our growth platforms. Our
Electronic Materials group has delivered outstanding performance over
the last few years, and we believe there’s
significant opportunity to expand our position in markets where
innovation is paramount,” Brondeau said. “We
have pledged to aggressively grow our Electronic Materials business over
the next several years, and this acquisition is the first of many steps
we’re pursuing to meet that objective.”
Financial terms of the agreement were not disclosed. The transaction is
expected to close in the first half of 2007, and Kodak employees
associated with the business in Rochester, Taiwan, Japan, Korea, and
China are expected to join Rohm and Haas Company’s
Electronic Materials business.
Forward Looking Statement
This release includes forward-looking statements. Actual results
could vary materially, due to changes in current expectations. The
forward-looking statements contained in this announcement concerning
demand for products and services and sales forecasts, involve risks and
uncertainties and are subject to change based on various factors,
including the continued timely development and acceptance of new
products and services, the impact of competitive products and pricing,
cost of raw materials, natural gas, and other energy sources, and the
ability to achieve price increases to offset such cost increases, and
the impact of tax and other legislation and regulation in the
jurisdictions in which the company operates. Further information about
these risks and others can be found in the company's SEC 10-K filing of
February 28, 2007.
About Rohm and Haas Company
Leading the way since 1909, Rohm and Haas is a global pioneer in the
creation and development of innovative technologies and solutions for
the specialty materials industry. The company’s
technologies are found in a wide range of markets including: Building
and Construction, Electronics, Food and Retail, Household and Personal
Care, Industrial Process, Packaging, Paper, Transportation and Water.
Our innovative technologies and solutions help to improve life everyday,
around the world. Based in Philadelphia, PA, the company generated
annual sales of approximately $8.2 billion in 2006. Visit www.rohmhaas.com
for more information.
About Rohm and Haas Electronic Materials
Rohm and Haas Electronic Materials develops and delivers innovative
material solutions and processes to the electronic and optoelectronic
industries. Focused on the circuit board, semiconductor manufacturing,
advanced packaging, and flat panel display industries, its products and
technologies are integral elements in electronic devices around the
world. Additional information about Rohm and Haas Electronic Materials
can be found at www.rohmhaas.com.
See the original story at: http://eon.businesswire.com/releases/materials/electronic/prweb520114.htm
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