Cambridge Display Technology (CDT) and Sumitomo Chemical have announced the signing of a memorandum of understanding to form a new joint venture company to develop and supply advanced polymer OLED (P-OLED) materials and formulated inks for use in commercial P-OLED display and lighting applications.

The new company, to be based in Tokyo, Japan, will be owned equally by the two parent companies, and will have the largest concentration of P-OLED material development expertise and intellectual property (IP) in the OLED industry, according to the companies.

The parent companies will channel their existing P-OLED materials research and development activities into the new company, which will have access to the P-OLED material IP of the parent companies. Sumitomo has recently completed the acquisition of the Lumation business from The Dow Chemical Company, and will make available, on an exclusive basis, the polyfluorenes technology and IP of the Lumation business to the joint venture.