Solvay offers to buy conductive polymer maker in Chapter 11

Published: January 17, 2014 12:58 pm ET
Updated: January 17, 2014 1:01 pm ET

Related to this story

Topics Materials, Mergers & Acquisitions, Materials Suppliers
Companies & Associations Solvay SA

Solvay SA has bid $32.6 million for Plextronics Inc., a printed electronics maker that filed for Chapter 11 protection from creditors on Jan. 16.

Brussels-based Solvay — a global plastics and chemicals firm — is part-owner of Pittsburgh-based Plextronics. Solvay invested $15 million in 2011 in Plextronics, which in 2002 had been spun off from research done at Carnegie Mellon University in Pittsburgh.

According to the bankruptcy court filing, Solvay had looked at buying Plextronics back in 2010, but Solvay’s board did not approve the proposed deal.

Plextronics filed for Chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del. The firm claimed assets of $3 million vs. $33 million in debt.

Products developed by Plextronics included light emitting diodes and organic photovoltaic cells for use in flat-panel screen displays and other applications. Conductive polymers were being used in this work, which aimed to improve the performance and manufacturing costs of electronic devices.

Solvay officials could not be reached for comment. Other investors in Plextronics included technology firm Universal Display Corp., state-sponsored investment firm Innovation Works and several private equity firms.


Comments

Solvay offers to buy conductive polymer maker in Chapter 11

Published: January 17, 2014 12:58 pm ET
Updated: January 17, 2014 1:01 pm ET

Post Your Comments


Back to story


More stories

Image

Prices trending up for some recycled resins

July 24, 2014 1:27 pm ET

Plastics News is correcting prices for recycled grades of several commodity resins on this week's resin pricing chart.    More

Meredian merging with Danimer Scientific

July 24, 2014 1:59 pm ET

Bioplastics maker Meredian Inc. is merging with its sister firm, Danimer Scientific LLC.    More

Image

US Bioplastics receives funding to bring Gatoresin to the market

July 24, 2014 1:44 pm ET

Materials maker U.S. Bioplastics is hoping its Gatoresin product will take a bite out of the bioplastics market, thanks to funding from a state...    More

Image

Injection molder, recycler Polyvulc USA puts itself up for sale

July 24, 2014 12:41 pm ET

Fred Farrell and Larry Lambiotte, founders of Polyvulc USA Inc. and its subsidiaries Polyvulc Tire Recycling Llc and Winnsboro Rubber Recycling LLC,...    More

Image

BASF posts growth in second quarter

July 24, 2014 11:08 am ET

German chemical giant, BASF SE, has announced a 1 percent growth in sales for the second quarter of 2014 compared to the same period in 20...    More

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events