Kodak Press Release explaining the Sale of OLED business

We are sad to see the Kodak OLED business sell. The technology could have helped them develop some very innovative products. We hope that Kodak would introduce some new and exciting innovations in the New Year.
OLED (Organic Light Emitting Diodes) technology is also environmentally friendly and reduces energy consumption. Earlier this year the department of technology awarded Kodak $1.7 million to develop Energy efficient OLED lighting.

In a press release Kodak officials said:

“ROCHESTER, N.Y., Dec. 30 — Eastman Kodak Company (NYSE:EK) announced today that it has completed the previously announced sale of its OLED (organic light-emitting diode) business to an entity set up by a group of LG companies.

This move will tighten Kodak’s investment focus and strengthen its financial position. Financial details were not disclosed.

“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 G. Quatela, Kodak’s Chief Intellectual Property Officer and manager of the company’s OLED business. “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.”

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

Written for and published on the Amvona Blog

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