Eastman Kodak sells its organic LED unit to LG

AP News
Posted: Dec 30, 2009 7:00 PM

Eastman Kodak Co. said Wednesday it had completed the previously announced sale of its organic LED, or light-emitting diode display, business to South Korea's LG Electronics Inc.

Eastman Kodak did not say how much it received for the business but said the deal will help its finances and tighten its investment focus.

The company earlier said it had struck a cross-licensing agreement with LG that will give them "broad" access to one another's patents, yield Eastman additional royalty payments and settle litigation between them over intellectual property.

Eastman, based in Rochester, N.Y., filed complaints late last year with the U.S. International Trade Commission against LG and others, claiming the companies imported mobile phones with digital cameras and related components that infringed on its patents.

Eastman Kodak shares rose 3 cents to close at $4.34 on Wednesday.