LG acquiresOLED business from Kodak
LG Electronics is to buy Eastman Kodak's uper thin OLED screen technology business.
The sale of its business to the South Korean company comes after Kodak's announcement earlier this year that it would rein in spending by trimming investment in certain cutting edge technologies.
The two companies have also signed an agreement which will allow each company 'broad access' to the other's patent portfolio.
Laura Quatela, who manages the Kodak's OLED business and is also its intellectual property officer, said: "OLED is one of the businesses we wanted to reposition to maximize Kodak's competitive advantage. This action is consistent with that strategy. Our OLED intellectual property portfolio is fundamental; however realising the full value of this business would have required significant investment."
The technology cross licence deal ends a long standing dispute and is expected to close by the end of the year.
