Merck announces new name for Performance Materials business

Merck is renaming its Performance Materials business to Electronics, the company announced Friday.

A pharmaceutical firm and supplier of materials in display and semiconductors, Merck’s renaming of the segment is part of a business restructuring program it launched in 2018.

In 2019, the company acquired Intermolecular and Versum Materials, which manufacture chemicals used in semiconductor production. Both will be placed under Merck’s Electronics business, and the name change will not affect the existing organizational structure.

“The renaming of our business sector to Electronics is a logical step for us. After all, the new name underscores our strategic focus on the electronics industry,” said Kai Beckmann, an executive board member of Merck and CEO of the Electronics business.

“At the same time, it clearly illustrates our contribution to a world characterized by tremendous technological advances and exponential data growth.”

In September, Merck raised its expectations for average annual organic sales growth of Electronics from 3 percent to 4 percent against the backdrop of its focus on the semiconductor industry, which is showing strong growth.

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]