Solvay has closed the purchase of American electronics firm Plextronics Inc for an undisclosed amount. The acquisition is designed to beef up Solvay's capacity to produce Organic Light Emitting Diodes (OLED) products, according to Printed Electronics World.

Solvay exec Bill Chen said of the deal: "The acquisition of Plextronics is an important milestone in growing our OLED capabilities. Solvay's own OLED know-how will be reinforced thanks to Plextronics' complementary technologies and dedicated staff. With the creation of the Solvay OLED Incubator, we aim to evolve into a new business and strengthen our presence in Asia, mainly in South Korea."

Under the terms of the acquisition deal, Solvay will open a new electronics laboratory at its research facility in South Korea. The said lab will work to bring OLED TV screens and OLED products closer to the market, the report detailed.

Solvay completed the purchase two weeks after it received approval from the US bankruptcy court in Delaware, Printed Electronics World added.