Mirrored by the loss of a key client, Osram is scaling back on the development of its core micro LED technology by selling off its Malaysian plant, which is co-owned by PNB, EPF, and KWAP.

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Mirrored by the loss of a key client, Osram is scaling back on the development of its core micro LED technology by selling off its Malaysian plant, which is co-owned by PNB, EPF, and KWAP. - Digital News Asia

Quick Summary:

Cancellation by major customer, believed to be Apple, trigger for decision

Original plan was to buy back plant from pension funds, asset manager after 10 years In a sign of how once promising future revenue sources of growth can go south in the world of hi-tech manufacturing - very fast - ams Osram, a Austrian-German global optical solutions specialist, especially in automotives, with a 52 year presence in Malaysia, has pulled the plug on its recently completed micro LED plant in Kulim Hi-tech Park, Kedah with an estimated US$1 billion (RM4.75 billion) multiyear, multi stage investment.

That lease is held by three Malaysian funds, namely asset manager Permodalan Nasional Bhd (PNB), and pension funds Employee Provident Fund (EPF) and Kumpulan Wang Persaraan (KWAP) who came into the picture last year when, as part of its financial restructuring, a €400 million (RM2.03 billion) sale and leaseback of the micro LED site was executed with a commitment from ams Osram to buy it back from the pension funds after ten years, possibly even earlier if it wanted to.