MOUNTAIN VIEW, CALIF. (Oct. 18, 3:15 p.m. ET) — Russia has come a step closer to controlling Plastic Logic Inc., the high-tech plastic electronics developer, as Rusnano (The Russian Corp. of Nanotechnologies) raised its stake in the firm to 43.84 percent.
The Russian state-owned non-profit corporation, which has invested in 90 different nanotechnology projects to date, increased its share of Plastic Logic's capital from the 33.74 percent it bought last year, according to Russia's RIA Novosti news agency.
There is speculation that this latest Russian move will prepare the way for Rusnano to launch a full blown takeover bid for the company behind a revolutionary silicon-free plastic electronics technology.
Plastic Logic was founded by researchers from Cambridge University's Cavendish Laboratory. The company has a manufacturing plant in existing factory in Dresden, Germany, as well as a research and development facility in Cambridge, England, and its headquarters in Mountain View.
Overall, Rusnano has pledged to sink almost 168 million euros in Plastic Logic's project to manufacture the next-generation plastic e-reader displays at a big new plant set to start up in 2013-14 in Zelenograd, Russia. The unit will employ more than 300 people to turn out hundreds of thousands of the latest flexible plastic displays monthly.
The project in Russia also involves the creation of a research center at the Moscow Institute of Electronic Technology (MIET).
Plastic Logic plans to move its headquarters to Cambridge, reflecting its increasingly Euro-centric profile. Indro Mukerjee, the company's new CEO, is already based there.