Cambridge Display Technology (CDT) develops display technology smart enough to make Cambridge proud. CDT develops polymer organic light-emitting diodes (known as P-OLEDs or PLEDs), which can be used in place of cathode ray tubes, standard LEDs, and display components in cell phones, digital audio players, and other applications. The company researches and then licenses P-OLED technology to makers of flat-panel displays and electronic materials, such as Philips, OSRAM, and Dai Nippon. CDT uses technology services and development agreements to boost licensing and royalty fees. Sumitomo Chemical acquired CDT for about $285 million in 2007.