Eastman Kodak Co. has completed the sale of its organic light-emitting diode business to a group of LG Corp. companies
Kodak (NYSE: EK) said Wednesday the sale—first announced Dec. 4—will tighten the imaging company’s investment focus and strengthen its financial position. Financial details were not disclosed.
“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, Kodak’s chief intellectual property officer and manager of its OLED business, in a statement. “This action is consistent with that strategy. Our OLED intellectual property portfolio is fundamental; however, realizing the full value of this business would have required significant investment.”
Scientists at Kodak developed the world’s first viable OLED material in the 1970s. The company will continue to have access to its OLED technology for use in its products, officials said.
The OLED business employees 60 people companywide, primarily researchers, with the overwhelming majority in Rochester, a spokesman said. LG has indicated they do not plan to retain the Kodak OLED employees. The workers can seek other positions within Kodak, the spokesman said.
Nomura Securities International Inc. served as financial adviser to Kodak on the deal.
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