LONDON Eastman Kodak Co. (Rochester, New York) has announced that it will sell its organic light emitting diode (OLED) business to a group of LG companies. At the same time Kodak has entered into a technology cross-license agreement with LG Electronics Inc. that will provide each company broad access to the other's patent portfolio.
The financial details of the deals were not disclosed.
Kodak will have continuing access to its OLED technology for use in its products. Subject to customary closing conditions, the transaction is expected to close by the end of the year.
"Our OLED intellectual property portfolio is fundamental; however, realizing the full value of this business would have required significant investment," said Laura G. Quatela, Kodak's Chief Intellectual Property Officer and manager of the company's OLED business, in a statement.
The companies also agreed to conclude their patent litigation, which involved a subset of their imaging technologies. Pursuant to a settlement agreement, Kodak and LG will request that the U.S. International Trade Commission terminate the investigations initiated earlier this year following complaints filed by both companies in late 2008.
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