Samsung apparently buys Cynora and lays off employees

According to a media report, the South Korean electronics group secures patents for new displays with the takeover. Samsung seems to be less interested in the employees.

According to a report by the news agency Bloomberg Samsung Display Co. has bought German start-up Cynora. The news agency cites people involved in the deal. There is no official confirmation yet. Samsung already invested 25 million euros in the start-up together with LG in September 2017. Now the Cynora group is said to have gone completely to the South Korean company for $300 million. Through the transaction, Samsung has acquired Cynora's intellectual property and technology. However, Cynora's developers and engineers are apparently being left behind. For example, the company is said to have already laid off some employees in recent weeks. It is still unclear whether this concerns all employees or only some of them.

Thomas Baumann and Michael Bächle founded Cynora in 2008. The company, headquartered in Bruchsal, Germany, develops so-called OLED displays. The technology is intended to improve the power efficiency and color contrast of conventional displays. By its own account, the company has 700 patents. The patents are expected to belong to Samsung after the acquisition. According to Bloomberg, some investors believe that Cynora was short of cash and therefore needed an exit.