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OLEDWorks is expected to invest up to US$73.6M and create upto 100 new jobs in Rochester

Had OLEDWorks not received financial support from New York State, it would have been difficult for the company to increase the manufacturing base in New York State

9 Jun 2015 | Editor

Governor Cuomo has announced that OLEDWorks will expand in Rochester, investing US$73.6 million and creating 100 new jobs over the next five years. OLEDWorks, which develops and manufactures OLED lighting, is nearing completion of its development phase and is entering the first phase of manufacturing where it expects to manufacture significant quantities of OLED lighting devices.

Empire State Development will provide up to US$2.5 million in performance-based Excelsior Jobs Program tax credits in return for job creation and investment commitments. If OLEDWorks did not receive financial support from New York State, it would have been difficult for the company’s management team to continue its' commitment to increase the manufacturing base in New York State.

Governor Cuomo said, "It’s fitting that OLEDWorks is choosing to stay and expand its one-of a-kind manufacturing operation in Rochester, the birthplace of this technology." Governor Cuomo added, "We are proud to support this company -- a true New York success story that is leading the way in developing this exciting new field."
David DeJoy, OLEDWorks CEO, said, "Rochester, where many of the OLED pioneers reside, is uniquely positioned for OLED lighting manufacturing. OLEDWorks is committed to investing in low cost production technology and anticipates creating new jobs as demand grows."
Howard Zemsky, Empire State Development President, CEO & Commissioner, said, "Companies like OLEDWorks truly capture the innovative nature of the Greater Rochester economy. Their expansion will bring with it tens of millions of dollars and more than 100 new jobs and is a big win for the community."


About OLEDWorks

OLEDWorks was formed in 2010 by David DeJoy and two principal scientists, Dr. John Hamer and Dr. Michael Boroson, who previously worked at the Eastman Kodak Company where organic light emitting diodes (OLED) were invented. The two partners kept together a talented technical team of 8 people from Kodak, and subsequently OLEDWorks received venture funding, added 17 jobs and has grown to the point where it is now in early production. All efforts to date have been successful and the company is poised for significant growth.

Source: OLEDWorks

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