Chemicals company Rohm and Haas Co. [ROH] has taken yet another step in building a new unit that makes high-tech displays. The company on Monday announced the $40 million acquisition of Gracel Display Inc., a South Korean maker of organic light emitting diodes. OLEDs are a promising display technology because they consume significantly less power than alternatives and provide a clearer picture.

Coupled with its purchase of an Eastman Kodak Co. [EK] unit last year and a joint venture with SKC Inc., Rohm and Haas has sunk a total of $270 million over the past 12 months into its display technologies line. As part of its changing strategic focus, the company also recently divested its 40% stake in chip technology maker UP Chemical Co., which it acquired for $3.5 million a decade ago. Rohm and Haas said its pretax gain on the sale adds up to $84 million. - Olaf de Senerpont Domis

See April 7 press release from Rohm and Haas
See December 2007 story from Corporate Dealmaker