Universal Display and PPG Industries Announce New OLED Supply and Service Agreement

Universal Display Corporation PANL +2.79% , enabling energy-efficient OLED displays and lighting with its UniversalPHOLED(R) technology and materials, and PPG Industries PPG +2.87% , the global leader in coatings and specialty materials, today announced that the companies have entered into a new organic light-emitting diode (OLED) materials supply and service agreement. Universal Display is the leading supplier of phosphorescent OLED materials to the rapidly growing OLED display and lighting industries. Under the new agreement, PPG will remain the exclusive manufacturer of Universal Display's proprietary phosphorescent OLED materials.

"PPG is committed to producing Universal Display Corporation's innovative, high-performance OLED materials to meet the growing marketplace," said Rick Elias, PPG senior vice president, optical products and specialty materials. "PPG is excited to build on the significant history that we have established with UDC. PPG has invested in the capabilities of our people and facilities, and we will strive to meet the future needs of this exciting and evolving industry. We look forward to delivering these innovative products while maintaining our cost effectiveness and high-quality manufacturing standards."

"We are extremely pleased to continue our strong supply partnership with PPG Industries, a world leading supplier of coatings and specialty products. For over a decade, our teams have worked very closely to produce our proprietary phosphorescent OLED materials to the highest of manufacturing and quality control standards," said Steven V. Abramson, President and Chief Executive Officer of Universal Display. "The entire team at PPG has done an excellent job to support Universal Display and the commercialization of its line of energy-efficient phosphorescent OLED products. Under the new agreement, we look forward to continuing to work closely with PPG to meet the high-volume needs of the growing OLED display and lighting industries with cost-effective, high-performance phosphorescent OLED materials."

The new agreement will replace Universal Display's current OLED Materials Supply and Service Agreement with PPG Industries. The term of the new agreement runs through December 31, 2014. The new agreement is substantially similar to the current agreement.

Universal Display is the recognized leader in high-performance, energy-efficient phosphorescent OLED technology and materials that offer up to four times the efficiency of conventional OLED technology. In 2000, Universal Display and PPG entered into a strategic relationship for the commercialization and production of Universal Display's proprietary PHOLED materials. With the introduction of the first commercial product using the company's PHOLED materials, Universal Display and PPG won the SID/Information Display Magazine 2003 Display Material or Component of the Year Gold Award. Today, PHOLED materials that have been invented by Universal Display and manufactured by PPG are sold by Universal Display to a number of global consumer electronics manufacturers and can be found in OLED displays in a variety of cell phones, multi-media players and other display devices in the market and are also a key component in a number of emerging OLED lighting products.