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Samsung Display Co. has purchased display company Cynora GmbH for about $300 million, gaining technology for organic light-emitting diode (OLED) screens.
As part of the deal, Samsung acquired Cynora’s intellectual property and technology intellectual property and technology on OLED panels used in foldable smartphones.
Cynora’s engineers were not included in the deal.
Cynora terminated its workforce in recent weeks as part of the transaction.
In addition to LG Electronics Inc. and other display manufacturers, Samsung was already a backer of Cynora.
Kim Sung-koo, vice president of Samsung's mobile business, said the company has strived to make its foldable smartphone series a core commercial pillar alongside the Galaxy S series.
Kim disclosed that they are working nonstop to get the new foldable model ready for the second part of the year.
Samsung is expected to launch its new foldable series in August, with Apple also being speculated to enter the foldable market in the coming years.
