Universal Display Corporation Announces New OVJP Leadership

Rhea-AI Summary

Universal Display (Nasdaq: OLED) has announced the appointment of Chandran Nair as CEO of their newly formed Singapore-based subsidiary, effective December 2, 2024. Nair brings over 26 years of leadership experience in global technology and equipment companies. The company will consolidate its OVJP (organic vapor jet printing) operations by closing its Santa Clara, California location and centralizing operations in Singapore through Universal Vapor Jet (UVJC) and UDC's Tech and Innovation Center in New Jersey.

The reorganization comes as UDC acknowledges an extended timeline for new capital equipment investments in large-area displays, as the industry focuses on IT capacity demands. While maintaining its focus on large-area display markets, the company plans to explore additional market opportunities for its mask-less, solvent-less OLED printing manufacturing platform.

Positive

• Strategic expansion into Singapore market with new subsidiary formation
• Appointment of experienced executive with 26+ years of leadership in global technology
• Operational consolidation to potentially reduce costs

Negative

• Closure of Santa Clara facility indicates operational downsizing
• Extended timeline for capital equipment investments in large-area displays
• Industry focus shift to IT capacity suggesting delayed OVJP market adoption

Insights

Tech Expert

The reorganization of Universal Display 's OVJP operations signals a strategic pivot in their manufacturing technology development. The relocation to Singapore, combined with the closure of the Santa Clara facility, indicates a significant restructuring of their organic vapor jet printing initiatives. This move appears to be driven by current market conditions, particularly the extended timeline for new capital equipment investments in large-area displays.

The appointment of Chandran Nair, with his extensive experience in Asian markets and technology companies, is strategically aligned with the industry's manufacturing hub in Asia. However, the company's acknowledgment of delayed industry investments in large-area display capacity suggests near-term headwinds. The decision to explore additional market applications for OVJP technology beyond large displays reflects a pragmatic approach to commercialization.

While OVJP technology holds promise as a mask-less, solvent-less printing method for OLED displays, the restructuring and market timing adjustments indicate a longer path to commercial implementation than previously anticipated.

EWING, N.J.--(BUSINESS WIRE)-- Universal Display Corporation (Nasdaq: OLED) (UDC), enabling energy-efficient displays and lighting with its UniversalPHOLED^® technology and materials, today announced that Chandran Nair has been appointed Chief Executive Officer of our newly formed subsidiary, which will be headquartered in Singapore and responsible for UDC’s OVJP operations, effective December 2, 2024.

Mr. Nair brings extensive leadership experience of more than 26 years, together with his established operational expertise in global technology and equipment companies across Asia, Europe and the United States, to lead the next phase for OVJP (organic vapor jet printing). Previously, Mr. Nair was President & Chief Executive Officer at AEM Holdings, a Singaporean multinational technology company. Prior to joining AEM, Mr. Nair was President of the Robotics and Autonomous Systems Business Unit at ST Engineering and before that, he was Managing Director and Vice President of Sales & Marketing for Asia Pacific (APAC) at National Instruments (NI). During his tenure at NI, Mr. Nair was responsible for the successful expansion of its business throughout the APAC region to customers in a variety of major industries. Mr. Nair holds Master’s degrees in Mathematics from Arizona State University and Bangalore University, and a Bachelor of Science in Physics, Chemistry, Mathematics from Christ College, Bangalore University.

“We are delighted to appoint Chandran as CEO of our OVJP operations. When we established OVJP Corporation as a start-up subsidiary just four years ago, we continued our vision to innovate a novel, mask-less, solvent-less, OLED printing manufacturing platform for large-area patterned displays. The advancements in our research in recent years have been significant,” said Steven V. Abramson, President and CEO of Universal Display Corporation. “At the same time, we believe that the timeline for new capital equipment investments for large-area displays has been extended as the industry is currently pursuing investments to meet the growing demand for IT capacity. While we continue to focus on the long-term opportunity in the large-area display market, we plan to also assess additional market opportunities where this technology may be transformative.”

In connection with these changes, the Company will be closing its location in Santa Clara, California, and its OVJP operations will be centered in our new Singaporean subsidiary, Universal Vapor Jet Corporation Pte. Ltd. (UVJC), and UDC’s Tech and Innovation Center in New Jersey.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED^® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241204273833/en/

Universal Display:

Darice Liu

investor@oled.com

media@oled.com

+1 609-964-5123

Source: Universal Display Corporation

FAQ

When will Chandran Nair start as CEO of OLED's new Singapore subsidiary?

Chandran Nair will start as CEO of Universal Display 's new Singapore subsidiary on December 2, 2024.

What changes is Universal Display (OLED) making to its OVJP operations?

Universal Display is closing its Santa Clara, California location and centralizing OVJP operations in Singapore through Universal Vapor Jet (UVJC) and UDC's Tech and Innovation Center in New Jersey.

What is OVJP technology that Universal Display (OLED) is developing?

OVJP (organic vapor jet printing) is a novel, mask-less, solvent-less OLED printing manufacturing platform designed for large-area patterned displays.