Kodak offloads OLED display biz to LG

Eastman Kodak Co. will sell substantially all the assets associated with its OLED business to a group of LG companies. The move will strengthen Kodak's investment focus and improve its financial position. Financial details 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.

"As we said earlier this year, OLED is one of the businesses we wanted to reposition to maximize Kodak's competitive advantage at the intersection of materials and imaging science," said Laura Quatela, chief IP officer and manager of the OLED business of Kodak. "This action is consistent with that strategy. Our OLED IP portfolio is fundamental; however, realizing the full value of this business would have required significant investment."

Nomura Securities International Inc. served as financial advisor to Kodak.