Eastman Kodak Co. (NYSE: EK) said Friday it is selling its organic LED display business to LG Electronics Inc., a step it says will help its finances and tighten the company's investment focus, according to Associated Press.
The company did not say how much it will get for the business, but said it has struck a cross-licensing agreement with LG that will give both "broad" access to each others' patents, yield Eastman additional royalty payments and settle litigation between the two over intellectual property.
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Eastman Kodak, based in Rochester, N.Y., filed complaints late last year with the U.S. International Trade Commission against South Korea's LG and several others, claiming the companies imported mobile phones with digital cameras and related components that infringed on its patents.
Eastman expects to close the sale of its LED business by the end of the year.
The company's shares rose 21 cents, or 5 percent, to $4.39 in afternoon trading.
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