Universal Display Corp. has announced the company has entered into an OLED technology license agreement with Pioneer Corp. Under the arrangement, Pioneer will be licensed to access and use Universal Display's proprietary phosphorescent and other OLED technologies and materials for the manufacture and sale of OLED lighting products.
The new agreement grants Pioneer license rights under various patents and associated know-how owned or controlled by Universal Display for Pioneer to manufacture and sell OLED products for lighting applications. Pioneer will pay running royalties on its sales of these licensed products under the agreement. The term of the agreement continues until Pioneer sells a specified amount of licensed products. Universal Display separately agreed to sell to Pioneer certain phosphorescent OLED materials for use in manufacturing licensed OLED lighting products.
Steven V. Abramson, President and Chief Executive Officer of Universal Display, said, "Having worked with Pioneer for a number of years to support their passive-matrix OLED display business, we are pleased to enter into this new business arrangement with Pioneer for their use of our proprietary UniversalPHOLED materials and technology in OLED lighting products." Steven, added, "With the extensive expertise and experience that Pioneer has developed in OLED manufacturing and product development, Pioneer is well positioned to become a strong player in the OLED lighting field."