Evonik Industries and Cristal Material Corporation establish Joint Venture for Manufacture of Glass Lenses for LEDs
Evonik Industries AG and Cristal Material Corporation have formed a new joint venture to manufacture high-quality glass lenses for next-generation LEDs, which will marketed under the Savosil™ brand. The Evonik Cristal Materials Corporation joint venture will complement Evonik's strategy as a solution provider to the lighting industry while providing Cristal Material Corporation access to a highly innovative market.
"The LED market will see many new areas of application open up. Evonik Cristal Materials Corporation will help its customers develop new technologies faster, technologies such as UV LEDs to sterilize water, LEDs in automobiles, and LEDs for general lighting," said Patrik Wohlhauser, chairman of Evonik Degussa GmbH's management board. "Participating in the joint venture offers Evonik an attractive opportunity for forward integration along the entire supply chain in the growing LED market," added Wohlhauser. The lenses produced by the joint venture will be sold to LED manufacturers.
The LED lenses will be produced using Evonik's patented SiVARA™ Sol-Gel technology, which allows glass lenses of consistent quality to be manufactured in any desired shape. The process recently received the Frost and Sullivan European Technology Innovation Award.
Evonik Industries AG fully achieved its earnings forecast in 2016. With adjusted EBITDA of €2.165 billion, earnings were at the upper end of the range of €2.0 billion to €2.2 billion. While volumes grew by a 3 solid percent, sales declined 6 percent to €12.7 billion as a result of lower pri ... more
Klaus Engel (60), Chairman of Evonik's Executive Board, is to hand over to his designated successor Christian Kullmann (47). Engel will be leaving the company at the end of the Annual Shareholders’ Meeting on May 23, 2017.
Mr. Kullmann will then take over as chairman. The Supervisory Board ... more
Evonik is setting itself up for the digital future with its own new subsidiary, Evonik Digital GmbH, which includes a team of about 20 experts. Under the Evonik umbrella, the company is developing new digital business models and building up digital expertise. Christian Kullmann, Deputy Chai ... more
Evonik Industries AG and Cristal Material Corporation have formed a new joint venture to manufacture high-quality glass lenses for next-generation LEDs, which will marketed under the Savosil™ brand. The Evonik Cristal Materials Corporation joint venture will complement Evonik's strategy as ... more