NEW YORK Eastman Kodak Co EK.N said Friday it will sell its business that developed super-thin OLED screen technology to LG Electronics Inc (066570.KS) and said the companies will share patents, ending a long-standing dispute.
The sale of its Organic Light Emitting Diodes businesses to South Korea's LG comes after Kodak earlier this year said it would rein in spending by trimming investment in some cutting-edge technologies. Unlike LED screens, OLED requires no backlighting, making them thinner and less power hungry.
The move is the latest for Kodak which has spent years shifting its focus from declining businesses such as traditional film and cameras to digital printing systems.
Financial details were not disclosed.
Kodak will continue to have access to its OLED technology for use in its products. The deal is expected to close by the end of the year.
(Reporting by Franklin Paul, editing by Gerald E. McCormick)