SK Materials will form a joint venture with JNC of Japan to enter the OLED materials market.
The company said on Tuesday that it was acquiring 48,800 shares for 2.44 billion won of its subsidiary SK JNC, the join venture with JNC.
SK Materials will first wholly own the joint venture, than offer its shares to JNC. Ultimately, SK Materials will own a 51% stake in the newly formed company and JNC will own 49%.
SK Materials said it was planning to enter the OLED materials market to diversify its portfolio and grow it as its new growth engine.
The joint venture and its research labs will be based in South Korea.
JNC owns the technology for blue OLED emission materials. Its technology in the area received attention in August when it was covered by Nature Photonics. JNC has succeeded in increasing the color purity of blue OLED __ this improves brightness and lower power consumption. JNC is achieved resonance effect through two boron and four nitrogen.
The company said back in 2018 its OLED material co-developed with Kwansei Gakuin University was supplied for a smartphone of an unnamed client.
In September, JNC shifted its liquid crystal display from South Korea to Japan. It said it will focus on OLED and silicon businesses in South Korea instead.
