Solvay SA has bid to acquire for US$32.6 mln; Plextronics Inc., a printed electronics maker that filed for Chapter 11 protection from creditors on Jan. 16, as per Plasticsnews.com. Brussels-based Solvay is part-owner of Pittsburgh-based Plextronics. Solvay invested US$15 mln in 2011 in Plextronics, which was a spin off of research done at Carnegie Mellon University, Pittsburgh. According to the bankruptcy court filing, an attempt was made by Solvay to buy Plextronics in 2010, but was unsuccessful on lack of approval from Solvay’s board.
Plextronics filed for Chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del. The firm claimed assets of US$3 mln vs. US$33 mln in debt. Products developed by Plextronics included light emitting diodes and organic photovoltaic cells for use in flat-panel screen displays and other applications.
20-Jan-14 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}