Merck said on Friday that it will be changing the name of its performance materials business to electronics.
The name change was part of its strategic realignment for the past couple of years, the company said. It was part of its Bright Future program that started in 2018, Merck said.
“The renaming of our business sector to Electronics is a logical step for us,” said Kai Beckmann, member of the executive board of Merck and Electronics CEO, in a statement.
“After all, the new name underscores our strategic focus on the electronics industry. At the same time, it clearly illustrates our contribution to a world characterized by tremendous technological advances and exponential data growth,” he added.
The electronics business was closely aligned with major technological developments such as 5G, big data, autonomous driving, artificial intelligence and Internet of Things, Merck said.
The acquisitions of Intermolecular and Versum Materials in 2019 showed the changes under the company’s Bright Future program, it said.
The integration of Intermolecular allowed Merck to provide customers material innovation quickly, the company said. The acquisition of Versum allowed it to provide high purity process chemicals, gases and equipment for semiconductors, it added.
The organization of the electronics unit will remain the same. It will comprise of three units __ semiconductor, display and surface solutions. Semiconductor and display combined accounts for 90% of the units sales __ they provide materials for liquid crystal displays and OLEDs as well as high tech materials and solutions for semiconductors.